The case pertains to an application filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The applicant, Suman Soni, is the personal guarantor for G.P. Cottfab Pvt. Ltd. ('Corporate Debtor'). The applicant submitted that she is a guarantor pursuant to an agreement dated 2017, whereby a loan was advanced to the Corporate Debtor by Punjab National Bank. The Corporate Debtor defaulted in repayment, leading to a notice under Section 13(2) of the SARFAESI Act, 2002. An earlier CIRP application against the Corporate Debtor under Section 9 of the Code was admitted, but no
…Suman Soni is the personal guarantor for G.P. Cottfab Pvt. Ltd. A loan was advanced to G.P. Cottfab Pvt. Ltd. by Punjab National Bank under a guarantee agreement dated December 16, 2017. G.P. Cottfab Pvt. Ltd. defaulted on the loan repayment. A notice was issued to Suman Soni under Section 13(2) of the SARFAESI Act, 2002, on December 19, 2018. An earlier CIRP application against G.P. Cottfab Pvt. Ltd. was admitted on September 12, 2019, but it resulted in liquidation due to the absence of a resolution plan. The liquidation order was issued on March 2, 2021. The amount of default is Rs. 20,73,96,097.00, with the date of default being November 12, 2018. Suman Soni filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016. The application was
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Agreement of Guarantee was executed, whereby a…
Date of Letter preferred by the Punjab…
The case pertains to an application filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The applicant, Suman Soni, is the personal guarantor for G.P. Cottfab Pvt. Ltd. ('Corporate Debtor'). The applicant submitted that she is a guarantor pursuant to an agreement dated 2017, whereby a loan was advanced to the Corporate Debtor by Punjab National Bank. The Corporate Debtor defaulted in repayment, leading to a notice under Section 13(2) of the SARFAESI Act, 2002. An earlier CIRP application against the Corporate Debtor under Section 9 of the Code was admitted, but no
…Suman Soni is the personal guarantor for G.P. Cottfab Pvt. Ltd. A loan was advanced to G.P. Cottfab Pvt. Ltd. by Punjab National Bank under a guarantee agreement dated December 16, 2017. G.P. Cottfab Pvt. Ltd. defaulted on the loan repayment. A notice was issued to Suman Soni under Section 13(2) of the SARFAESI Act, 2002, on December 19, 2018. An earlier CIRP application against G.P. Cottfab Pvt. Ltd. was admitted on September 12, 2019, but it resulted in liquidation due to the absence of a resolution plan. The liquidation order was issued on March 2, 2021. The amount of default is Rs. 20,73,96,097.00, with the date of default being November 12, 2018. Suman Soni filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016. The application was
…Agreement of Guarantee was executed, whereby a…
Date of Letter preferred by the Punjab…