Union Bank of India (formerly Corporation Bank) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Amit Katyal, the personal guarantor to Angel Infrastructure Private Limited (the 'Corporate Debtor'). The application pertains to a term loan of Rs. 90,00,00,000/- sanctioned to Angel Infrastructure Private Limited, for which Amit Katyal provided a personal guarantee.
Union Bank of India (formerly Corporation Bank) sanctioned a term loan of Rs. 90,00,00,000/- to Angel Infrastructure Private Limited. Mr. Amit Katyal acted as the personal guarantor for the loan. The loan was secured by various documents, including guarantee deeds executed by Amit Katyal on 30.10.2014 and 22.02.2017. The Corporate Debtor's account was classified as NPA on 31.03.2019. The bank issued a notice under Section 13(2) of the SARFAESI Act on 20.05.2019. The bank also issued a demand notice dated 26.04.2021 to the personal guarantor under Rule 7(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal Guarantors to Corporate Debtors) Rules, 2019, demanding payment of Rs. 114.83 Crore. The
…Sign in to view the parties.
Sanction letter reference no.…
Loan & Security documents duly executed,…
Union Bank of India (formerly Corporation Bank) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Amit Katyal, the personal guarantor to Angel Infrastructure Private Limited (the 'Corporate Debtor'). The application pertains to a term loan of Rs. 90,00,00,000/- sanctioned to Angel Infrastructure Private Limited, for which Amit Katyal provided a personal guarantee.
Union Bank of India (formerly Corporation Bank) sanctioned a term loan of Rs. 90,00,00,000/- to Angel Infrastructure Private Limited. Mr. Amit Katyal acted as the personal guarantor for the loan. The loan was secured by various documents, including guarantee deeds executed by Amit Katyal on 30.10.2014 and 22.02.2017. The Corporate Debtor's account was classified as NPA on 31.03.2019. The bank issued a notice under Section 13(2) of the SARFAESI Act on 20.05.2019. The bank also issued a demand notice dated 26.04.2021 to the personal guarantor under Rule 7(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal Guarantors to Corporate Debtors) Rules, 2019, demanding payment of Rs. 114.83 Crore. The
…Sanction letter reference no.…
Loan & Security documents duly executed,…