The Karur Vysya Bank Limited filed an application under Section 95(1) r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. R.K. Sharma, the personal guarantor to M/s. Indian Technometal Company Limited (the Corporate Debtor). The guarantee deed was executed on 08.12.2012, guaranteeing the loan granted to the Corporate Debtor. The loan account of the Corporate Debtor became a Non-Performing Asset (NPA) on 12.06.2013.
Karur Vysya Bank Limited (the 'Creditor/Applicant') filed an application under Section 95(1) r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. R.K. Sharma (Personal Guarantor/Debtor). Mr. R.K. Sharma is the guarantor of M/s. Indian Technometal Company Limited (the 'Corporate Debtor'). On 08.12.2012, the Guarantee Deed/Agreement was executed and signed by Mr. R K Sharma, guaranteeing the loan granted to M/s. Indian Technometal Company Limited. The loan account of the Corporate Debtor became Non-Performing Asset (NPA) on 12.06.2013. The total outstanding debt claimed is Rs. 59,95,47,848.96/- as per Recovery
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The Karur Vysya Bank Limited filed an application under Section 95(1) r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. R.K. Sharma, the personal guarantor to M/s. Indian Technometal Company Limited (the Corporate Debtor). The guarantee deed was executed on 08.12.2012, guaranteeing the loan granted to the Corporate Debtor. The loan account of the Corporate Debtor became a Non-Performing Asset (NPA) on 12.06.2013.
Karur Vysya Bank Limited (the 'Creditor/Applicant') filed an application under Section 95(1) r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. R.K. Sharma (Personal Guarantor/Debtor). Mr. R.K. Sharma is the guarantor of M/s. Indian Technometal Company Limited (the 'Corporate Debtor'). On 08.12.2012, the Guarantee Deed/Agreement was executed and signed by Mr. R K Sharma, guaranteeing the loan granted to M/s. Indian Technometal Company Limited. The loan account of the Corporate Debtor became Non-Performing Asset (NPA) on 12.06.2013. The total outstanding debt claimed is Rs. 59,95,47,848.96/- as per Recovery
…The Guarantee…
The loan account of the…