The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, by Tata Capital Financial Services Limited (the Financial Creditor) to initiate the Insolvency Resolution Process against Akshay Sunil Shah (the Personal Guarantor) of Neel Motors LLP (the Corporate Debtor). The Financial Creditor had sanctioned a Channel Finance Facility to the Corporate Debtor, which was guaranteed by the Personal Guarantor. Upon failure to repay the loan, the Financial Creditor initiated proceedings against the Personal Guarantor.
Tata Capital Financial Services Limited (the Financial Creditor) filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Akshay Sunil Shah (the Personal Guarantor) of Neel Motors LLP (the Corporate Debtor). The Financial Creditor had sanctioned a Channel Finance Facility of Rs. 1,50,00,000/- to the Corporate Debtor on 29.12.2016, which was guaranteed by the Personal Guarantor through an irrevocable and unconditional personal guarantee also dated 29.12.2016. The loan carried a floating interest of 11.25% p.a. The finance facility was renewed from time to time. Upon failure to repay the loan, the Financial Creditor issued a Loan Recall Notice dated 26.02.2021, demanding payment of Rs.
…Sign in to view the parties.
Tata Capital Financial Services Limited…
Tata Capital Financial Services Limited issued…
The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, by Tata Capital Financial Services Limited (the Financial Creditor) to initiate the Insolvency Resolution Process against Akshay Sunil Shah (the Personal Guarantor) of Neel Motors LLP (the Corporate Debtor). The Financial Creditor had sanctioned a Channel Finance Facility to the Corporate Debtor, which was guaranteed by the Personal Guarantor. Upon failure to repay the loan, the Financial Creditor initiated proceedings against the Personal Guarantor.
Tata Capital Financial Services Limited (the Financial Creditor) filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Akshay Sunil Shah (the Personal Guarantor) of Neel Motors LLP (the Corporate Debtor). The Financial Creditor had sanctioned a Channel Finance Facility of Rs. 1,50,00,000/- to the Corporate Debtor on 29.12.2016, which was guaranteed by the Personal Guarantor through an irrevocable and unconditional personal guarantee also dated 29.12.2016. The loan carried a floating interest of 11.25% p.a. The finance facility was renewed from time to time. Upon failure to repay the loan, the Financial Creditor issued a Loan Recall Notice dated 26.02.2021, demanding payment of Rs.
…Tata Capital Financial Services Limited…
Tata Capital Financial Services Limited issued…