The case involves an application 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. UCO Bank, the financial creditor, filed the application against Rahul Gupta, the personal guarantor to a corporate debtor, seeking initiation of the Insolvency Resolution Process. The Resolution Professional (RP) was appointed and submitted a report. The NCLT Kolkata Bench is considering the maintainability of the application, given that no Corporate Insolvency Resolution Process (CIRP) has been initiated against the principal borrower, Haridra Vintrade Private Limited.
UCO Bank extended credit facilities to M/s Haridra Vintrade Private Limited, which was sanctioned on July 15, 2022. M/s Haridra Vintrade Private Limited failed to repay the loan amount as per the repayment schedule, leading UCO Bank to classify the account as a Non-Performing Asset (NPA). Rahul Gupta executed a Deed of Guarantee on July 28, 2022, in favor of UCO Bank, guaranteeing the repayment of the loan. UCO Bank issued a Recall Notice to the company on March 31, 2023. UCO Bank also filed an application before the Debts Recovery Tribunal - 3, Kolkata [Case No. OA/373/2023], which is still pending. UCO Bank invoked the Personal Guarantee of Rahul Gupta via letters dated May 13, 2024, and June 04, 2024, but failed to realize its dues. A demand notice was issued to
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UCO Bank extended credit facilities to M/s…
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The case involves an application 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. UCO Bank, the financial creditor, filed the application against Rahul Gupta, the personal guarantor to a corporate debtor, seeking initiation of the Insolvency Resolution Process. The Resolution Professional (RP) was appointed and submitted a report. The NCLT Kolkata Bench is considering the maintainability of the application, given that no Corporate Insolvency Resolution Process (CIRP) has been initiated against the principal borrower, Haridra Vintrade Private Limited.
UCO Bank extended credit facilities to M/s Haridra Vintrade Private Limited, which was sanctioned on July 15, 2022. M/s Haridra Vintrade Private Limited failed to repay the loan amount as per the repayment schedule, leading UCO Bank to classify the account as a Non-Performing Asset (NPA). Rahul Gupta executed a Deed of Guarantee on July 28, 2022, in favor of UCO Bank, guaranteeing the repayment of the loan. UCO Bank issued a Recall Notice to the company on March 31, 2023. UCO Bank also filed an application before the Debts Recovery Tribunal - 3, Kolkata [Case No. OA/373/2023], which is still pending. UCO Bank invoked the Personal Guarantee of Rahul Gupta via letters dated May 13, 2024, and June 04, 2024, but failed to realize its dues. A demand notice was issued to
…UCO Bank extended credit facilities to M/s…
The Deed of Guarantee…