The Stressed Assets Stabilization Fund (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 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, seeking initiation of the Insolvency Resolution Process against Uma 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, IFCI Limited and ICICI Bank. To secure the repayment of the financial assistance, Uma Aggarwal and others executed guarantee agreements. The Financial Creditor issued a loan recall letter and demand notice to the
…The Stressed Assets Stabilization Fund (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Uma Aggarwal, the Personal Guarantor of M/s. Kumar's Metallurgical Corporation Limited (Corporate Debtor). The Corporate Debtor had availed various term loans from the Financial Creditor and its associate banks, including IFCI Limited and ICICI Bank. To secure the repayment of the financial assistance, Uma Aggarwal and other individuals executed guarantee agreements. The Financial Creditor issued a loan recall letter and demand notice to the Corporate Debtor and Personal Guarantor after the Corporate Debtor defaulted on its payments. The outstanding debt payable by the
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Date of the order admitting the petition to…
The personal g…
The Stressed Assets Stabilization Fund (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 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, seeking initiation of the Insolvency Resolution Process against Uma 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, IFCI Limited and ICICI Bank. To secure the repayment of the financial assistance, Uma Aggarwal and others executed guarantee agreements. The Financial Creditor issued a loan recall letter and demand notice to the
…The Stressed Assets Stabilization Fund (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Uma Aggarwal, the Personal Guarantor of M/s. Kumar's Metallurgical Corporation Limited (Corporate Debtor). The Corporate Debtor had availed various term loans from the Financial Creditor and its associate banks, including IFCI Limited and ICICI Bank. To secure the repayment of the financial assistance, Uma Aggarwal and other individuals executed guarantee agreements. The Financial Creditor issued a loan recall letter and demand notice to the Corporate Debtor and Personal Guarantor after the Corporate Debtor defaulted on its payments. The outstanding debt payable by the
…Date of the order admitting the petition to…
The personal g…