This case involves an application filed by Union Bank of India under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mr. Sanjay Lamba, the personal guarantor of M/s. Sainov Spirits Pvt. Ltd (Corporate Debtor). The Corporate Debtor is already undergoing Corporate Insolvency Resolution Process (CIRP) triggered by an order dated 05.02.2020. The bank claims that the corporate debtor had executed multiple guarantees for credit facilities aggregating Rs. 69,49,00.000/-, and the account was classified as a Non-Performing Asset (NPA) w.e.f. 30.09.2016. The bank invoked the guarantees and issued a demand notice dated 19.10.2020, which was served upon the guarantor. The guarantor replied to the demand notice.
…Union Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Sanjay Lamba, the personal guarantor of M/s. Sainov Spirits Pvt. Ltd. The corporate debtor, M/s. Sainov Spirits Pvt. Ltd., is already undergoing Corporate Insolvency Resolution Process (CIRP). The bank claims that the corporate debtor had executed multiple guarantees for credit facilities aggregating Rs. 69,49,00.000/-. The account of the corporate debtor was classified as a Non-Performing Asset (NPA) w.e.f. 30.09.2016. The bank invoked the guarantees and issued a demand notice dated 19.10.2020, which was served upon the guarantor. The guarantor replied to the demand notice. The bank also filed a Civil Suit for
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The account of the corporate debtor was…
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This case involves an application filed by Union Bank of India under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mr. Sanjay Lamba, the personal guarantor of M/s. Sainov Spirits Pvt. Ltd (Corporate Debtor). The Corporate Debtor is already undergoing Corporate Insolvency Resolution Process (CIRP) triggered by an order dated 05.02.2020. The bank claims that the corporate debtor had executed multiple guarantees for credit facilities aggregating Rs. 69,49,00.000/-, and the account was classified as a Non-Performing Asset (NPA) w.e.f. 30.09.2016. The bank invoked the guarantees and issued a demand notice dated 19.10.2020, which was served upon the guarantor. The guarantor replied to the demand notice.
…Union Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Sanjay Lamba, the personal guarantor of M/s. Sainov Spirits Pvt. Ltd. The corporate debtor, M/s. Sainov Spirits Pvt. Ltd., is already undergoing Corporate Insolvency Resolution Process (CIRP). The bank claims that the corporate debtor had executed multiple guarantees for credit facilities aggregating Rs. 69,49,00.000/-. The account of the corporate debtor was classified as a Non-Performing Asset (NPA) w.e.f. 30.09.2016. The bank invoked the guarantees and issued a demand notice dated 19.10.2020, which was served upon the guarantor. The guarantor replied to the demand notice. The bank also filed a Civil Suit for
…The account of the corporate debtor was…
The Bank issued a Demand Notice to the…