The case involves an application filed by Smt. Urmila Bansal, a personal guarantor, under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process. The applicant, also the personal guarantor of M/s. Sargam India Electronics Private Limited, has failed to repay a total debt of INR 62,04,25,306.63/- to Union Bank of India. The Tribunal directed the applicant to serve notice to the respondent, Union Bank of India, which was done via email.
Smt. Urmila Bansal, acting as a personal guarantor for M/s. Sargam India Electronics Private Limited, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The application was triggered by the failure to repay a debt of INR 62,04,25,306.63/- to Union Bank of India. The Tribunal directed the applicant to serve notice to the respondent, Union Bank of India. The applicant proposed Shri Hemant Sethi as the Resolution Professional.
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Tribunal directed the…
Date of pronou…
The case involves an application filed by Smt. Urmila Bansal, a personal guarantor, under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process. The applicant, also the personal guarantor of M/s. Sargam India Electronics Private Limited, has failed to repay a total debt of INR 62,04,25,306.63/- to Union Bank of India. The Tribunal directed the applicant to serve notice to the respondent, Union Bank of India, which was done via email.
Smt. Urmila Bansal, acting as a personal guarantor for M/s. Sargam India Electronics Private Limited, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The application was triggered by the failure to repay a debt of INR 62,04,25,306.63/- to Union Bank of India. The Tribunal directed the applicant to serve notice to the respondent, Union Bank of India. The applicant proposed Shri Hemant Sethi as the Resolution Professional.
Tribunal directed the…
Date of pronou…