The Union Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the IBBI (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, seeking initiation of the insolvency resolution process against Mr. Sahadulla M.I., the personal guarantor to M/s. Green Gateway Leisure Limited, the corporate debtor. Green Gateway Leisure Limited had availed various credit facilities from the Union Bank of India, which sanctioned a term loan of Rs. 25 Crores on 12.06.2010. The security for the loan included a first charge on the corporate debtor's fixed assets, a corporate guarantee from Air Travel Enterprises India Limited, and personal guarantees
…M/s. Green Gateway Leisure Limited availed credit facilities from Union Bank of India, which sanctioned a term loan of Rs. 25 Crores on 12.06.2010. The security included a first charge on the corporate debtor's fixed assets, a corporate guarantee from Air Travel Enterprises India Limited, and personal guarantees from Mr. E.M. Najeeb, Mr. Sahadulla M.I., Mr. E. Iqbal, and Mr. Zaheer E.N. Mr. Sahadulla M.I. was a director of the Corporate Debtor. The Corporate Debtor executed Demand Promissory Notes on 12.06.2010, 29.09.2012, 24.02.2014, 12.01.2015, and 01.07.2016. The Corporate Debtor defaulted on repayment and was declared a non-performing asset on 30.09.2015. A demand notice was issued on 29.12.2017, demanding Rs. 26,85,08,554/-. A one-time settlement scheme was
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The Union Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the IBBI (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, seeking initiation of the insolvency resolution process against Mr. Sahadulla M.I., the personal guarantor to M/s. Green Gateway Leisure Limited, the corporate debtor. Green Gateway Leisure Limited had availed various credit facilities from the Union Bank of India, which sanctioned a term loan of Rs. 25 Crores on 12.06.2010. The security for the loan included a first charge on the corporate debtor's fixed assets, a corporate guarantee from Air Travel Enterprises India Limited, and personal guarantees
…M/s. Green Gateway Leisure Limited availed credit facilities from Union Bank of India, which sanctioned a term loan of Rs. 25 Crores on 12.06.2010. The security included a first charge on the corporate debtor's fixed assets, a corporate guarantee from Air Travel Enterprises India Limited, and personal guarantees from Mr. E.M. Najeeb, Mr. Sahadulla M.I., Mr. E. Iqbal, and Mr. Zaheer E.N. Mr. Sahadulla M.I. was a director of the Corporate Debtor. The Corporate Debtor executed Demand Promissory Notes on 12.06.2010, 29.09.2012, 24.02.2014, 12.01.2015, and 01.07.2016. The Corporate Debtor defaulted on repayment and was declared a non-performing asset on 30.09.2015. A demand notice was issued on 29.12.2017, demanding Rs. 26,85,08,554/-. A one-time settlement scheme was
…Union Bank of India sanctioned a term loan of…
The Corporate Debtor's…