This case involves an application filed by UCO Bank, the Financial Creditor, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, against Mr. Akhilesh Pandey, the Personal Guarantor to M/s Divine Alloys & Power Co Limited, the Corporate Debtor. The Financial Creditor seeks initiation of the Insolvency Resolution Process against the Personal Guarantor due to a default of Rs. 152,15,92,468.42. The Corporate Debtor was already undergoing Corporate Insolvency Resolution Process (CIRP) initiated by Punjab National Bank under Section 7 of the IBC, which was admitted on
…UCO Bank, the Financial Creditor, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Akhilesh Pandey, the Personal Guarantor to M/s Divine Alloys & Power Co Limited, the Corporate Debtor, for a default of Rs. 152,15,92,468.42. The Corporate Debtor was already undergoing CIRP and was later sent into liquidation. The Financial Creditor issued a notice dated 12.07.2019 to the borrowers and guarantors requesting payment, which was replied to by the Personal Guarantor on 29.07.2019. Subsequently, a demand notice dated 06.04.2021 was issued to the Personal Guarantor under Rule 7(1) of the Insolvency and Bankruptcy Rules, 2019, for Personal Guarantors. The Resolution Professional, Mr. Naresh Agarwal, was appointed to examine
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The account of M/s Divine Alloys and Power…
Punjab National Bank's application under Section…
This case involves an application filed by UCO Bank, the Financial Creditor, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, against Mr. Akhilesh Pandey, the Personal Guarantor to M/s Divine Alloys & Power Co Limited, the Corporate Debtor. The Financial Creditor seeks initiation of the Insolvency Resolution Process against the Personal Guarantor due to a default of Rs. 152,15,92,468.42. The Corporate Debtor was already undergoing Corporate Insolvency Resolution Process (CIRP) initiated by Punjab National Bank under Section 7 of the IBC, which was admitted on
…UCO Bank, the Financial Creditor, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Akhilesh Pandey, the Personal Guarantor to M/s Divine Alloys & Power Co Limited, the Corporate Debtor, for a default of Rs. 152,15,92,468.42. The Corporate Debtor was already undergoing CIRP and was later sent into liquidation. The Financial Creditor issued a notice dated 12.07.2019 to the borrowers and guarantors requesting payment, which was replied to by the Personal Guarantor on 29.07.2019. Subsequently, a demand notice dated 06.04.2021 was issued to the Personal Guarantor under Rule 7(1) of the Insolvency and Bankruptcy Rules, 2019, for Personal Guarantors. The Resolution Professional, Mr. Naresh Agarwal, was appointed to examine
…The account of M/s Divine Alloys and Power…
Punjab National Bank's application under Section…