This case involves an application filed by UCO Bank under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the relevant rules and regulations, to initiate the Insolvency Resolution Process against Sri Kapil Mehra, the personal guarantor for M/s. Atlantic Projects Limited (APL). APL had approached UCO Bank for financial assistance, and a Deed of Guarantee was executed by Sri Kapil Mehra. APL defaulted on its payments, leading to its account being classified as NPA. Subsequently, APL was admitted into CIRP, and a resolution plan was approved. UCO Bank also filed an application before the Debts Recovery Tribunal-I, Kolkata. The present application seeks to initiate insolvency proceedings against the personal guarantor.
UCO Bank extended credit facilities to M/s. Atlantic Projects Limited (APL), with Sri Kapil Mehra acting as a personal guarantor. A Deed of Guarantee was executed on 2016-03-30. APL defaulted on its repayment obligations, leading to its account being classified as a Non-Performing Asset (NPA). Subsequently, APL was admitted into Corporate Insolvency Resolution Process (CIRP) by the NCLT, Kolkata Bench, and a resolution plan was approved. UCO Bank received Rs. 57.02 Lakhs under the resolution plan. UCO Bank also filed an application before the Debts Recovery Tribunal-I, Kolkata. UCO Bank issued a Demand Notice in Form B on 2021-04-17 demanding Rs. 38,57,72,561.89. Sri Kapil Mehra replied to the demand notice on 2021-07-28. The bank replied to the guarantor's letter on
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Sri Kapil Mehra executed a deed of guarantee…
M/s. Atlantic Projects Limited (APL) was…
This case involves an application filed by UCO Bank under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the relevant rules and regulations, to initiate the Insolvency Resolution Process against Sri Kapil Mehra, the personal guarantor for M/s. Atlantic Projects Limited (APL). APL had approached UCO Bank for financial assistance, and a Deed of Guarantee was executed by Sri Kapil Mehra. APL defaulted on its payments, leading to its account being classified as NPA. Subsequently, APL was admitted into CIRP, and a resolution plan was approved. UCO Bank also filed an application before the Debts Recovery Tribunal-I, Kolkata. The present application seeks to initiate insolvency proceedings against the personal guarantor.
UCO Bank extended credit facilities to M/s. Atlantic Projects Limited (APL), with Sri Kapil Mehra acting as a personal guarantor. A Deed of Guarantee was executed on 2016-03-30. APL defaulted on its repayment obligations, leading to its account being classified as a Non-Performing Asset (NPA). Subsequently, APL was admitted into Corporate Insolvency Resolution Process (CIRP) by the NCLT, Kolkata Bench, and a resolution plan was approved. UCO Bank received Rs. 57.02 Lakhs under the resolution plan. UCO Bank also filed an application before the Debts Recovery Tribunal-I, Kolkata. UCO Bank issued a Demand Notice in Form B on 2021-04-17 demanding Rs. 38,57,72,561.89. Sri Kapil Mehra replied to the demand notice on 2021-07-28. The bank replied to the guarantor's letter on
…Sri Kapil Mehra executed a deed of guarantee…
M/s. Atlantic Projects Limited (APL) was…