The case involves a Company Petition filed by Mr. Vinaychand Thakarshi Bharbhya under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Insolvency Resolution Process against himself as the Corporate Debtor of M/s Caratline Gems Private Limited. The Corporate Debtor had availed various credit facilities and the loan account was classified as NPA due to default in repayment of loan installments. The petitioner executed Guarantee Deeds in favour of the bank to secure the credit facility.
Mr. Vinaychand Thakarshi Bharbhya filed a Company Petition under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Insolvency Resolution Process against himself as the Corporate Debtor of M/s Caratline Gems Private Limited. The Corporate Debtor availed credit facilities, but the loan account was classified as NPA due to default in repayment of loan installments, specifically a secured loan/debt of Rs. 1,58,61,299.00 from India Bulls on 2023-09-23. Mr. Bharbhya executed Guarantee Deeds to secure the credit facility. He claims he is unable to pay the debt and has approached the bench. The petition was filed in the prescribed form as mandated under section 94(6) of the I&B Code. The petitioner served a copy of the petition upon the Insolvency
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The Corporate Debtor defaulted on repayment…
The court issued an order requiring the…
The case involves a Company Petition filed by Mr. Vinaychand Thakarshi Bharbhya under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Insolvency Resolution Process against himself as the Corporate Debtor of M/s Caratline Gems Private Limited. The Corporate Debtor had availed various credit facilities and the loan account was classified as NPA due to default in repayment of loan installments. The petitioner executed Guarantee Deeds in favour of the bank to secure the credit facility.
Mr. Vinaychand Thakarshi Bharbhya filed a Company Petition under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Insolvency Resolution Process against himself as the Corporate Debtor of M/s Caratline Gems Private Limited. The Corporate Debtor availed credit facilities, but the loan account was classified as NPA due to default in repayment of loan installments, specifically a secured loan/debt of Rs. 1,58,61,299.00 from India Bulls on 2023-09-23. Mr. Bharbhya executed Guarantee Deeds to secure the credit facility. He claims he is unable to pay the debt and has approached the bench. The petition was filed in the prescribed form as mandated under section 94(6) of the I&B Code. The petitioner served a copy of the petition upon the Insolvency
…The Corporate Debtor defaulted on repayment…
The court issued an order requiring the…