The case pertains to an application filed by Vijender Antil, the Applicant/Debtor, under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process ('IR Process') against himself as a personal guarantor. The applicant is a guarantor for a business loan sanctioned to M/s Jungrele Info Solutions Pvt. Ltd. ('the Corporate Debtor'). The corporate debtor defaulted, leading to the loan account being classified as NPA in 2015. A recovery suit was filed by Phoenix ARC Pvt. Ltd. against the corporate debtor and the applicant, resulting in a decree against them for Rs. 13,68,593/-. Execution proceedings are pending. The applicant claims financial difficulties in paying the professional fees for the insolvency resolution
…Vijender Antil, the Applicant/Debtor, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against himself. He acted as a guarantor for a business loan of Rs. 10 Lakhs sanctioned by Barclays Bank to M/s Jungrele Info Solutions Pvt. Ltd. ('the Corporate Debtor'). The Corporate Debtor defaulted on the loan, leading to its classification as a Non-Performing Asset (NPA) in 2015. Phoenix ARC Pvt. Ltd. filed a recovery suit against the Corporate Debtor and Vijender Antil, which was decreed in their favor for Rs. 13,68,593/-. Execution proceedings are currently pending. Vijender Antil claims he is financially weak and unable to pay the professional fees associated with the insolvency resolution
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The loan account of the Corporate Debtor was…
Phoenix ARC Pvt. Ltd. filed a recovery suit…
The case pertains to an application filed by Vijender Antil, the Applicant/Debtor, under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process ('IR Process') against himself as a personal guarantor. The applicant is a guarantor for a business loan sanctioned to M/s Jungrele Info Solutions Pvt. Ltd. ('the Corporate Debtor'). The corporate debtor defaulted, leading to the loan account being classified as NPA in 2015. A recovery suit was filed by Phoenix ARC Pvt. Ltd. against the corporate debtor and the applicant, resulting in a decree against them for Rs. 13,68,593/-. Execution proceedings are pending. The applicant claims financial difficulties in paying the professional fees for the insolvency resolution
…Vijender Antil, the Applicant/Debtor, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against himself. He acted as a guarantor for a business loan of Rs. 10 Lakhs sanctioned by Barclays Bank to M/s Jungrele Info Solutions Pvt. Ltd. ('the Corporate Debtor'). The Corporate Debtor defaulted on the loan, leading to its classification as a Non-Performing Asset (NPA) in 2015. Phoenix ARC Pvt. Ltd. filed a recovery suit against the Corporate Debtor and Vijender Antil, which was decreed in their favor for Rs. 13,68,593/-. Execution proceedings are currently pending. Vijender Antil claims he is financially weak and unable to pay the professional fees associated with the insolvency resolution
…The loan account of the Corporate Debtor was…
Phoenix ARC Pvt. Ltd. filed a recovery suit…