The case involves a company petition filed by Suresh Chandra Lohar, the Personal Guarantor, under Section 94 of the Insolvency & Bankruptcy Code, 2016 (IBC), seeking to initiate Personal Insolvency Resolution Process (PIRP). The Corporate Debtor, Kooshal Fertilizers Private Limited, incorporated on 01.05.2018, had approached Oriental Bank of Commerce (now Punjab National Bank) for term loans and credit facilities. Due to non-availability of funds, PNB classified the Corporate Debtor's loan account as Non-Performing Asset (NPA) on 02.05.2022 and issued a notice on 20.05.2022 under Section 13(2) of SARFAESI Act, 2002, directing repayment of the debt. The Personal Guarantor had extended a guarantee agreement dated 03.08.2019 to secure the credit facilities.
Suresh Chandra Lohar, acting as the Personal Guarantor to Kooshal Fertilizers Private Limited, filed a company petition under Section 94 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Personal Insolvency Resolution Process (PIRP). Kooshal Fertilizers Private Limited, the Corporate Debtor, had availed term loans and credit facilities from Oriental Bank of Commerce (now Punjab National Bank). Due to a lack of funds, PNB classified the Corporate Debtor's loan account as a Non-Performing Asset (NPA) on 02.05.2022 and issued a notice on 20.05.2022 under Section 13(2) of the SARFAESI Act, 2002, demanding repayment. Suresh Chandra Lohar had provided a guarantee agreement dated 03.08.2019 to secure these credit facilities. The petition was served upon the
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Kooshal Fertilizers…
Suresh Chandr…
The case involves a company petition filed by Suresh Chandra Lohar, the Personal Guarantor, under Section 94 of the Insolvency & Bankruptcy Code, 2016 (IBC), seeking to initiate Personal Insolvency Resolution Process (PIRP). The Corporate Debtor, Kooshal Fertilizers Private Limited, incorporated on 01.05.2018, had approached Oriental Bank of Commerce (now Punjab National Bank) for term loans and credit facilities. Due to non-availability of funds, PNB classified the Corporate Debtor's loan account as Non-Performing Asset (NPA) on 02.05.2022 and issued a notice on 20.05.2022 under Section 13(2) of SARFAESI Act, 2002, directing repayment of the debt. The Personal Guarantor had extended a guarantee agreement dated 03.08.2019 to secure the credit facilities.
Suresh Chandra Lohar, acting as the Personal Guarantor to Kooshal Fertilizers Private Limited, filed a company petition under Section 94 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Personal Insolvency Resolution Process (PIRP). Kooshal Fertilizers Private Limited, the Corporate Debtor, had availed term loans and credit facilities from Oriental Bank of Commerce (now Punjab National Bank). Due to a lack of funds, PNB classified the Corporate Debtor's loan account as a Non-Performing Asset (NPA) on 02.05.2022 and issued a notice on 20.05.2022 under Section 13(2) of the SARFAESI Act, 2002, demanding repayment. Suresh Chandra Lohar had provided a guarantee agreement dated 03.08.2019 to secure these credit facilities. The petition was served upon the
…Kooshal Fertilizers…
Suresh Chandr…