The case involves a petition filed by Stressed Assets Stabilization Fund (Financial Creditor) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The petition seeks initiation of the Insolvency Resolution Process against Smt. Shashi Aggarwal, the Personal Guarantor of Kumar's Metallurgical Corp. Ltd. The Corporate Debtor had availed various types of term loans from the Financial Creditor and its associate banks. To secure the repayment of the financial assistance, Smt Uma Aggarwal, Shri Anil Kumar Aggarwal, (Late) Shri Satish Kumar Aggarwal and Smt Uma Aggarwal stood as
…The Stressed Assets Stabilization Fund, acting as the Financial Creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Smt. Shashi Aggarwal, the Personal Guarantor of Kumar's Metallurgical Corp. Ltd. The Corporate Debtor had availed various term loans from the Financial Creditor and its associate banks, including IFCI Limited and ICICI Bank. Smt Uma Aggarwal, Shri Anil Kumar Aggarwal, and (Late) Shri Satish Kumar Aggarwal stood as guarantors and executed guarantee agreements to secure the repayment of the financial assistance. The Financial Creditor issued a Loan Recall Letter dated 05.09.2001 and invoked the personal guarantee on 27.09.2001. A Demand Notice was issued on
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The case involves a petition filed by Stressed Assets Stabilization Fund (Financial Creditor) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The petition seeks initiation of the Insolvency Resolution Process against Smt. Shashi Aggarwal, the Personal Guarantor of Kumar's Metallurgical Corp. Ltd. The Corporate Debtor had availed various types of term loans from the Financial Creditor and its associate banks. To secure the repayment of the financial assistance, Smt Uma Aggarwal, Shri Anil Kumar Aggarwal, (Late) Shri Satish Kumar Aggarwal and Smt Uma Aggarwal stood as
…The Stressed Assets Stabilization Fund, acting as the Financial Creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Smt. Shashi Aggarwal, the Personal Guarantor of Kumar's Metallurgical Corp. Ltd. The Corporate Debtor had availed various term loans from the Financial Creditor and its associate banks, including IFCI Limited and ICICI Bank. Smt Uma Aggarwal, Shri Anil Kumar Aggarwal, and (Late) Shri Satish Kumar Aggarwal stood as guarantors and executed guarantee agreements to secure the repayment of the financial assistance. The Financial Creditor issued a Loan Recall Letter dated 05.09.2001 and invoked the personal guarantee on 27.09.2001. A Demand Notice was issued on
…Financial Cre…
Financial Cre…