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. Vaibhav Singhal, the personal guarantor for M/s. Savemax Wholesale Club Private Limited and M/s. Bishan Saroop Ram Kishan Agro Private Limited, the corporate debtors. The corporate debtors' loan accounts became Non-Performing Assets (NPA) on 30.05.2018 and 09.03.2018, respectively.
Karur Vysya Bank Limited filed an application against Mr. Vaibhav Singhal, who acted as the personal guarantor for loan facilities extended to two corporate debtors: M/s. Savemax Wholesale Club Private Limited and M/s. Bishan Saroop Ram Kishan Agro Private Limited. The guarantee deeds were executed by Mr. Vaibhav Singhal on 30.04.2015 and 08.01.2016. The loan accounts of the corporate debtors were declared as Non-Performing Assets (NPA) on 30.05.2018 and 09.03.2018, respectively. The bank claimed a total debt of Rs. 47,70,31,121.40/- from M/s. Savemax Wholesale Club Private Limited and Rs.33,20,64,082.36/- from M/s. Bishan Saroop Ram Kishan Private Limited. The bank invoked the guarantees and issued notices under Section 13(2) of the SARFAESI Act, 2002. Demand notices
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Guarantee Deeds/Agreemen…
Guarantee Deeds/Agreemen…
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. Vaibhav Singhal, the personal guarantor for M/s. Savemax Wholesale Club Private Limited and M/s. Bishan Saroop Ram Kishan Agro Private Limited, the corporate debtors. The corporate debtors' loan accounts became Non-Performing Assets (NPA) on 30.05.2018 and 09.03.2018, respectively.
Karur Vysya Bank Limited filed an application against Mr. Vaibhav Singhal, who acted as the personal guarantor for loan facilities extended to two corporate debtors: M/s. Savemax Wholesale Club Private Limited and M/s. Bishan Saroop Ram Kishan Agro Private Limited. The guarantee deeds were executed by Mr. Vaibhav Singhal on 30.04.2015 and 08.01.2016. The loan accounts of the corporate debtors were declared as Non-Performing Assets (NPA) on 30.05.2018 and 09.03.2018, respectively. The bank claimed a total debt of Rs. 47,70,31,121.40/- from M/s. Savemax Wholesale Club Private Limited and Rs.33,20,64,082.36/- from M/s. Bishan Saroop Ram Kishan Private Limited. The bank invoked the guarantees and issued notices under Section 13(2) of the SARFAESI Act, 2002. Demand notices
…Guarantee Deeds/Agreemen…
Guarantee Deeds/Agreemen…