The Karur Vysya Bank Limited, as the Applicant/Creditor, 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. Sumit Goyal, the Personal Guarantor/Debtor. Mr. Goyal is the guarantor for M/s. Azad Impex Private Limited and M/s Giriraj Timber Private Limited, the Corporate Debtors. The guarantee deeds were executed on 2015-03-10 and 2015-06-12. The loan accounts of the Corporate Debtors became Non-Performing Assets (NPA) on 2019-02-13.
The Karur Vysya Bank Limited filed an application to initiate the Insolvency Resolution Process against Mr. Sumit Goyal, who acted as the personal guarantor for loans extended to M/s. Azad Impex Private Limited and M/s. Giriraj Timber Private Limited. The guarantee deeds were executed on 2015-03-10 and 2015-06-12. The loan accounts of the corporate debtors were declared Non-Performing Assets (NPA) on 2019-02-13. The bank claimed outstanding debts of Rs. 65,41,34,079.89/- from M/s. Azad Impex Private Limited and Rs. 67,34,89,906.02/- from M/s. Giriraj Timber Private Limited as of 2022-04-30. The bank invoked the guarantees on 2019-02-20. Notices were sent to the personal guarantor on 2022-04-07. The application was served to the personal guarantor on 2022-06-24. The
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Guarantee Deeds/Agreements were executed and…
Guarantee Deeds/Agreements were executed and…
The Karur Vysya Bank Limited, as the Applicant/Creditor, 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. Sumit Goyal, the Personal Guarantor/Debtor. Mr. Goyal is the guarantor for M/s. Azad Impex Private Limited and M/s Giriraj Timber Private Limited, the Corporate Debtors. The guarantee deeds were executed on 2015-03-10 and 2015-06-12. The loan accounts of the Corporate Debtors became Non-Performing Assets (NPA) on 2019-02-13.
The Karur Vysya Bank Limited filed an application to initiate the Insolvency Resolution Process against Mr. Sumit Goyal, who acted as the personal guarantor for loans extended to M/s. Azad Impex Private Limited and M/s. Giriraj Timber Private Limited. The guarantee deeds were executed on 2015-03-10 and 2015-06-12. The loan accounts of the corporate debtors were declared Non-Performing Assets (NPA) on 2019-02-13. The bank claimed outstanding debts of Rs. 65,41,34,079.89/- from M/s. Azad Impex Private Limited and Rs. 67,34,89,906.02/- from M/s. Giriraj Timber Private Limited as of 2022-04-30. The bank invoked the guarantees on 2019-02-20. Notices were sent to the personal guarantor on 2022-04-07. The application was served to the personal guarantor on 2022-06-24. The
…Guarantee Deeds/Agreements were executed and…
Guarantee Deeds/Agreements were executed and…