UCO Bank, the Financial Creditor, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate insolvency proceedings against Mr. Subrata Das, the Personal Guarantor to the Principal Borrower, M/s HARIDRA VINTRADE PRIVATE LIMITED. The Resolution Professional, Mr. Vaibhav Khandelwal, submitted a report under Section 99(7) of the IBC. The main contention was whether the application against the personal guarantor is maintainable before NCLT in the absence of ongoing CIRP against the principal borrower.
UCO Bank sanctioned a Cash Credit Limit of 250 Lakhs to Haridra Vintrade Private Limited. Subrata Das provided a personal guarantee by executing a guarantee agreement dated 28th July 2022. The Financial Creditor issued a letter of invocation of guarantee on 13th May 2024. The Petition u/s 95 of the IBC was filed on 14th August 2024. The amount of default by the Corporate Debtor as on 20th June 2024 is Rs.3,03,41,036.57. The amount due from Personal Guarantor as on 20th June 2024 is Rs.3,03,41,036.57 plus future interest and charges. The net worth of the Personal Guarantor, Mr. Subrata Das, as on 31/03/2022 stands at Rs.30.32 Lakhs. The Resolution Professional tried to get information from Subrata Das by email sent on 11th September 2024 but could not get any response
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Guarantee Agreement was executed between the…
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UCO Bank, the Financial Creditor, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate insolvency proceedings against Mr. Subrata Das, the Personal Guarantor to the Principal Borrower, M/s HARIDRA VINTRADE PRIVATE LIMITED. The Resolution Professional, Mr. Vaibhav Khandelwal, submitted a report under Section 99(7) of the IBC. The main contention was whether the application against the personal guarantor is maintainable before NCLT in the absence of ongoing CIRP against the principal borrower.
UCO Bank sanctioned a Cash Credit Limit of 250 Lakhs to Haridra Vintrade Private Limited. Subrata Das provided a personal guarantee by executing a guarantee agreement dated 28th July 2022. The Financial Creditor issued a letter of invocation of guarantee on 13th May 2024. The Petition u/s 95 of the IBC was filed on 14th August 2024. The amount of default by the Corporate Debtor as on 20th June 2024 is Rs.3,03,41,036.57. The amount due from Personal Guarantor as on 20th June 2024 is Rs.3,03,41,036.57 plus future interest and charges. The net worth of the Personal Guarantor, Mr. Subrata Das, as on 31/03/2022 stands at Rs.30.32 Lakhs. The Resolution Professional tried to get information from Subrata Das by email sent on 11th September 2024 but could not get any response
…Guarantee Agreement was executed between the…
The Financial Creditor…