This case involves a petition filed by UCO Bank under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Sanjay Prakash Bansal, the personal guarantor of M/s Bhumya Tea Company Private Limited (the Corporate Debtor). The bank seeks to initiate the Insolvency Resolution Process against the personal guarantor due to the Corporate Debtor's failure to repay credit facilities extended by the bank. The Corporate Debtor had approached the applicant seeking grant of various financial facility. On the representations made by the “Corporate Debtor ", the Applicant extended various Credit facilities on 30.08.2016, and granted Cash Credit Facility. As per the Credit Facility, “Corporate Debtor ” was obliged to repay the Principal sum of loan along with
…UCO Bank extended credit facilities to M/s Bhumya Tea Company Private Limited, with Sanjay Prakash Bansal acting as the personal guarantor. The Corporate Debtor failed to meet its repayment obligations, leading UCO Bank to classify the account as a Non-Performing Asset (NPA) on 2018-03-31. UCO Bank issued a statutory demand notice under Section 13(2) of the SARFAESI Act, 2002, on 2019-10-31. Sanjay Prakash Bansal had executed a personal guarantee on 2016-08-30 to secure the repayment of the credit facilities. UCO Bank issued a Demand Notice in Form B on 2020-12-18, but received no response. UCO Bank then filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Sanjay Prakash Bansal, the
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Sanjay Prakash Bansal executed a personal…
Applicant extended various Credit facilities…
This case involves a petition filed by UCO Bank under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Sanjay Prakash Bansal, the personal guarantor of M/s Bhumya Tea Company Private Limited (the Corporate Debtor). The bank seeks to initiate the Insolvency Resolution Process against the personal guarantor due to the Corporate Debtor's failure to repay credit facilities extended by the bank. The Corporate Debtor had approached the applicant seeking grant of various financial facility. On the representations made by the “Corporate Debtor ", the Applicant extended various Credit facilities on 30.08.2016, and granted Cash Credit Facility. As per the Credit Facility, “Corporate Debtor ” was obliged to repay the Principal sum of loan along with
…UCO Bank extended credit facilities to M/s Bhumya Tea Company Private Limited, with Sanjay Prakash Bansal acting as the personal guarantor. The Corporate Debtor failed to meet its repayment obligations, leading UCO Bank to classify the account as a Non-Performing Asset (NPA) on 2018-03-31. UCO Bank issued a statutory demand notice under Section 13(2) of the SARFAESI Act, 2002, on 2019-10-31. Sanjay Prakash Bansal had executed a personal guarantee on 2016-08-30 to secure the repayment of the credit facilities. UCO Bank issued a Demand Notice in Form B on 2020-12-18, but received no response. UCO Bank then filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Sanjay Prakash Bansal, the
…Sanjay Prakash Bansal executed a personal…
Applicant extended various Credit facilities…