The Karur Vysya Bank Limited filed a petition against Mr. Sourabh Goel, the personal guarantor, under Section 95 of the IBC, 2016, to initiate the insolvency resolution process. Mr. Paban Kumar Jain was appointed as the Resolution Professional (RP). The RP filed a report recommending the admission of the application against the personal guarantor. The bank had extended credit facilities to M/s Mahesh Industries Private Limited (Corporate Debtor), for which Mr. Goel provided a personal guarantee. The bank invoked the guarantee after the corporate debtor defaulted. The RP verified the debt and found discrepancies, requesting reconciliation from the bank. The bank provided a revised interest calculation sheet, showing an outstanding balance of Rs. 173,10,84,470.77 as of
…The Karur Vysya Bank Limited extended credit facilities to M/s Mahesh Industries Private Limited, for which Mr. Sourabh Goel provided a personal guarantee via a Deed of Guarantee dated 2015-08-21. Mahesh Industries Private Limited defaulted on its payments, leading to an outstanding debt of Rs. 1,86,86,10,626.97. The Karur Vysya Bank Limited invoked the guarantee by issuing a demand notice on 2017-04-19 under the SARFAESI Act, 2002. A statutory demand notice in Form B under Section 95(4)(b) of IBC, 2016, was issued to Mr. Goel, but it could not be served via speed post, leading to substituted service through newspaper publications on 2022-05-14. The Resolution Professional (RP) appointed in the matter, Mr. Paban Kumar Jain, found discrepancies in the outstanding amount
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The loan facility was guaranteed by the Deed…
The Karur Vysya Bank had invoked the…
The Karur Vysya Bank Limited filed a petition against Mr. Sourabh Goel, the personal guarantor, under Section 95 of the IBC, 2016, to initiate the insolvency resolution process. Mr. Paban Kumar Jain was appointed as the Resolution Professional (RP). The RP filed a report recommending the admission of the application against the personal guarantor. The bank had extended credit facilities to M/s Mahesh Industries Private Limited (Corporate Debtor), for which Mr. Goel provided a personal guarantee. The bank invoked the guarantee after the corporate debtor defaulted. The RP verified the debt and found discrepancies, requesting reconciliation from the bank. The bank provided a revised interest calculation sheet, showing an outstanding balance of Rs. 173,10,84,470.77 as of
…The Karur Vysya Bank Limited extended credit facilities to M/s Mahesh Industries Private Limited, for which Mr. Sourabh Goel provided a personal guarantee via a Deed of Guarantee dated 2015-08-21. Mahesh Industries Private Limited defaulted on its payments, leading to an outstanding debt of Rs. 1,86,86,10,626.97. The Karur Vysya Bank Limited invoked the guarantee by issuing a demand notice on 2017-04-19 under the SARFAESI Act, 2002. A statutory demand notice in Form B under Section 95(4)(b) of IBC, 2016, was issued to Mr. Goel, but it could not be served via speed post, leading to substituted service through newspaper publications on 2022-05-14. The Resolution Professional (RP) appointed in the matter, Mr. Paban Kumar Jain, found discrepancies in the outstanding amount
…The loan facility was guaranteed by the Deed…
The Karur Vysya Bank had invoked the…