UCO Bank filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Gopal Poddar, the personal guarantor to the corporate debtor, M/s Limtex (India) Ltd., for initiating the Insolvency Resolution Process. The corporate debtor and personal guarantor had approached the applicant bank seeking financial facilities, which were extended on 20.11.2014. The corporate debtor failed to repay the loan, leading to the account being classified as NPA on 30.09.2016. The bank issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 08/03/2017. Gopal Poddar executed a personal guarantee on 25/11/2014 to secure the repayment. A demand notice in Form B was issued on 22/03/2021, but no reply was received.
UCO Bank extended credit facilities to M/s Limtex (India) Ltd. on 20.11.2014, with Gopal Poddar acting as the personal guarantor. The corporate debtor defaulted on repayments, leading UCO Bank to classify the account as a Non-Performing Asset (NPA) on 30.09.2016. UCO Bank issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 08/03/2017. Gopal Poddar had executed a personal guarantee on 25.11.2014. A demand notice in Form B was issued to the personal guarantor on 22.03.2021, but no reply was received. The debt amount was Rs. 16,22,06,566.45. The Deed of Guarantee was executed on 25.11.2014.
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UCO Bank extended…
Gopal Poddar executed a…
UCO Bank filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Gopal Poddar, the personal guarantor to the corporate debtor, M/s Limtex (India) Ltd., for initiating the Insolvency Resolution Process. The corporate debtor and personal guarantor had approached the applicant bank seeking financial facilities, which were extended on 20.11.2014. The corporate debtor failed to repay the loan, leading to the account being classified as NPA on 30.09.2016. The bank issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 08/03/2017. Gopal Poddar executed a personal guarantee on 25/11/2014 to secure the repayment. A demand notice in Form B was issued on 22/03/2021, but no reply was received.
UCO Bank extended credit facilities to M/s Limtex (India) Ltd. on 20.11.2014, with Gopal Poddar acting as the personal guarantor. The corporate debtor defaulted on repayments, leading UCO Bank to classify the account as a Non-Performing Asset (NPA) on 30.09.2016. UCO Bank issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 08/03/2017. Gopal Poddar had executed a personal guarantee on 25.11.2014. A demand notice in Form B was issued to the personal guarantor on 22.03.2021, but no reply was received. The debt amount was Rs. 16,22,06,566.45. The Deed of Guarantee was executed on 25.11.2014.
UCO Bank extended…
Gopal Poddar executed a…