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). UCO 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 bank for financial facilities, which were granted on 2016-08-30. The Corporate Debtor defaulted on its repayment obligations, leading to the account being classified as a non-performing asset (NPA) on 2018-03-31. The bank issued a statutory demand notice under Section 13(2) of the SARFAESI Act, 2002, on 2019-10-31, and
…UCO Bank extended credit facilities to M/s Bhumya Tea Company Private Limited (Corporate Debtor), with Sanjay Prakash Bansal acting as the personal guarantor. The Deed of Guarantee was executed on 2016-08-30. The Corporate Debtor defaulted on 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. Subsequently, a demand notice in Form B was issued on 2020-12-18. The Corporate Debtor failed to make payments as per the terms of the Facility Agreement. UCO Bank then filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against the personal
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UCO Bank extended…
Sanjay Prakash Bansal…
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). UCO 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 bank for financial facilities, which were granted on 2016-08-30. The Corporate Debtor defaulted on its repayment obligations, leading to the account being classified as a non-performing asset (NPA) on 2018-03-31. The bank issued a statutory demand notice under Section 13(2) of the SARFAESI Act, 2002, on 2019-10-31, and
…UCO Bank extended credit facilities to M/s Bhumya Tea Company Private Limited (Corporate Debtor), with Sanjay Prakash Bansal acting as the personal guarantor. The Deed of Guarantee was executed on 2016-08-30. The Corporate Debtor defaulted on 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. Subsequently, a demand notice in Form B was issued on 2020-12-18. The Corporate Debtor failed to make payments as per the terms of the Facility Agreement. UCO Bank then filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against the personal
…UCO Bank extended…
Sanjay Prakash Bansal…