Union Bank of India filed a Company Petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Rohit Ashok Jindal, the Personal Guarantor, due to the failure of Shree Siddhi Vinayak Ispat Pvt. Ltd. (Corporate Debtor) to meet its repayment obligations. The bank had extended financial assistance to the Corporate Debtor, and Mr. Jindal had provided a personal guarantee for the same. Despite opportunities to regularize the accounts, both the Corporate Debtor and the Personal Guarantor failed to repay the outstanding dues.
Union Bank of India extended financial assistance to M/s. Shree Siddhi Vinayak Ispat Pvt. Ltd. Rohit Ashok Jindal, being the Director of the Corporate Debtor, offered his personal guarantee in favor of the Financial Creditor. A Deed of Guarantee dated 2014-06-28 was executed by Shri Ashok Kumar Jindal, Smt. Jyoti Ashok Jindal, and Shri. Rohit Ashok Jindal in favor of Andhra Bank (Now, Union Bank of India), Bank of Baroda and State Bank of India towards repayment of financial assistance extended by the Financial Creditors to the Corporate Debtor. Due to the failure of the Corporate Debtor to meet its repayment obligations, the Financial Creditor decided to recall the advances and invoke the personal guarantee. A Demand Notice was issued to the Personal Guarantor on
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A Deed of Guarantee was executed by Shri Ashok…
Financial Creditor issued Notice under section…
Union Bank of India filed a Company Petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Rohit Ashok Jindal, the Personal Guarantor, due to the failure of Shree Siddhi Vinayak Ispat Pvt. Ltd. (Corporate Debtor) to meet its repayment obligations. The bank had extended financial assistance to the Corporate Debtor, and Mr. Jindal had provided a personal guarantee for the same. Despite opportunities to regularize the accounts, both the Corporate Debtor and the Personal Guarantor failed to repay the outstanding dues.
Union Bank of India extended financial assistance to M/s. Shree Siddhi Vinayak Ispat Pvt. Ltd. Rohit Ashok Jindal, being the Director of the Corporate Debtor, offered his personal guarantee in favor of the Financial Creditor. A Deed of Guarantee dated 2014-06-28 was executed by Shri Ashok Kumar Jindal, Smt. Jyoti Ashok Jindal, and Shri. Rohit Ashok Jindal in favor of Andhra Bank (Now, Union Bank of India), Bank of Baroda and State Bank of India towards repayment of financial assistance extended by the Financial Creditors to the Corporate Debtor. Due to the failure of the Corporate Debtor to meet its repayment obligations, the Financial Creditor decided to recall the advances and invoke the personal guarantee. A Demand Notice was issued to the Personal Guarantor on
…A Deed of Guarantee was executed by Shri Ashok…
Financial Creditor issued Notice under section…