State Bank of India filed a Company Petition (IB)-769(ND)/2022 against Mr. Nakul Gupta, the Personal Guarantor, under Section 95 of the IBC, 2016, to initiate the Insolvency Resolution (IR) Process. The Adjudicating Authority appointed Mr. Rajesh Mittal as the Resolution Professional (RP) and directed him to file a report under Section 99 of the IBC, 2016. The RP submitted a report recommending the admission of the application. The RP's recommendation was based on the completeness of the application filed by the Applicant Bank and its satisfaction of the requirements under Section 95 of the Code.
State Bank of India (SBI) filed a petition against Mr. Nakul Gupta, the personal guarantor of Technofab Engineering Limited, under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the insolvency resolution process. The Resolution Professional (RP), Mr. Rajesh Mittal, recommended the admission of the application, stating that the application was complete and satisfied the requirements of Section 95. The RP noted that Mr. Nakul Gupta had committed a default of more than INR 1,000. SBI claimed an amount of INR 69,48,96,010.33 in default as of 15.10.2022. Mr. Nakul Gupta argued that he resigned from the directorship of the company on 08.03.2018 and that the credit facilities were renewed on new terms without his consent, discharging him from his
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The Guarantee Deed was…
Mr. Nakul Gupta…
State Bank of India filed a Company Petition (IB)-769(ND)/2022 against Mr. Nakul Gupta, the Personal Guarantor, under Section 95 of the IBC, 2016, to initiate the Insolvency Resolution (IR) Process. The Adjudicating Authority appointed Mr. Rajesh Mittal as the Resolution Professional (RP) and directed him to file a report under Section 99 of the IBC, 2016. The RP submitted a report recommending the admission of the application. The RP's recommendation was based on the completeness of the application filed by the Applicant Bank and its satisfaction of the requirements under Section 95 of the Code.
State Bank of India (SBI) filed a petition against Mr. Nakul Gupta, the personal guarantor of Technofab Engineering Limited, under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the insolvency resolution process. The Resolution Professional (RP), Mr. Rajesh Mittal, recommended the admission of the application, stating that the application was complete and satisfied the requirements of Section 95. The RP noted that Mr. Nakul Gupta had committed a default of more than INR 1,000. SBI claimed an amount of INR 69,48,96,010.33 in default as of 15.10.2022. Mr. Nakul Gupta argued that he resigned from the directorship of the company on 08.03.2018 and that the credit facilities were renewed on new terms without his consent, discharging him from his
…The Guarantee Deed was…
Mr. Nakul Gupta…