The application was filed by UCO Bank to initiate the Insolvency Resolution Process against Mr. Parag Baxi, the Personal Guarantor, under Section 95 of the Insolvency and Bankruptcy Code, 2016. The Personal Guarantor stood as Guarantor for loans availed by M/s Balaji Lifestyle Technologies Pvt. Ltd., the Corporate Debtor. The Corporate Debtor defaulted on repayment, leading to the invocation of the personal guarantee. The bank had sanctioned credit facilities to the Corporate Debtor, including a Cash Credit Limit of Rs. 4 Crores in 2017 and other facilities under COVID-19 schemes. The Corporate Debtor's account was classified as NPA in November 2021.
UCO Bank filed an application to initiate the Insolvency Resolution Process against Mr. Parag Baxi, the Personal Guarantor, for loans availed by M/s Balaji Lifestyle Technologies Pvt. Ltd. (Corporate Debtor). The bank sanctioned a Cash Credit Limit of Rs. 4 Crores to the Corporate Debtor on 12.12.2017, secured by collateral and the personal guarantee. Due to COVID-19, the bank sanctioned additional facilities under UCO COVID-19 Emergency Credit Line and other schemes. The Corporate Debtor's account was classified as NPA on 30.11.2021. The bank invoked the personal guarantee on 14.12.2021 and issued a Demand Notice for Rs. 5,72,77,196.12/-, which the Personal Guarantor failed to repay. The application was filed under Section 95 of the Insolvency and Bankruptcy Code,
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UCO Bank sanctioned a…
Bank sanctioned Adhoc Limit of Rs. 40 lakhs…
The application was filed by UCO Bank to initiate the Insolvency Resolution Process against Mr. Parag Baxi, the Personal Guarantor, under Section 95 of the Insolvency and Bankruptcy Code, 2016. The Personal Guarantor stood as Guarantor for loans availed by M/s Balaji Lifestyle Technologies Pvt. Ltd., the Corporate Debtor. The Corporate Debtor defaulted on repayment, leading to the invocation of the personal guarantee. The bank had sanctioned credit facilities to the Corporate Debtor, including a Cash Credit Limit of Rs. 4 Crores in 2017 and other facilities under COVID-19 schemes. The Corporate Debtor's account was classified as NPA in November 2021.
UCO Bank filed an application to initiate the Insolvency Resolution Process against Mr. Parag Baxi, the Personal Guarantor, for loans availed by M/s Balaji Lifestyle Technologies Pvt. Ltd. (Corporate Debtor). The bank sanctioned a Cash Credit Limit of Rs. 4 Crores to the Corporate Debtor on 12.12.2017, secured by collateral and the personal guarantee. Due to COVID-19, the bank sanctioned additional facilities under UCO COVID-19 Emergency Credit Line and other schemes. The Corporate Debtor's account was classified as NPA on 30.11.2021. The bank invoked the personal guarantee on 14.12.2021 and issued a Demand Notice for Rs. 5,72,77,196.12/-, which the Personal Guarantor failed to repay. The application was filed under Section 95 of the Insolvency and Bankruptcy Code,
…UCO Bank sanctioned a…
Bank sanctioned Adhoc Limit of Rs. 40 lakhs…