Central Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against Upender Kumar Agarwal, the personal guarantor of Rajvir Industries Ltd, the Corporate Debtor.
Central Bank of India, the Financial Creditor, filed a petition under Section 95 of the IBC against Upender Kumar Agarwal, the Personal Guarantor of Rajvir Industries Ltd.
The Financial Creditor had sanctioned a term loan of Rs. 20 crores to the Corporate Debtor in 2009, which was to be repaid by July 2014.
Upender Kumar Agarwal stood as a guarantor to secure the repayment of the financial assistance availed by the Corporate Debtor.
The Corporate Debtor's account was classified as NPA on 29.06.2018, and the personal guarantee was invoked by the Financial Creditor.
The Financial Creditor issued a demand notice on 09.06.2021 and an addendum notice on 19.08.2021 to the Personal Guarantor.
The NCLT appointed Dr. Kondapalli Venkat Srinivas as Interim Resolution Professional.
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Financial Creditor…
The loan was required…
Central Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against Upender Kumar Agarwal, the personal guarantor of Rajvir Industries Ltd, the Corporate Debtor.
Central Bank of India, the Financial Creditor, filed a petition under Section 95 of the IBC against Upender Kumar Agarwal, the Personal Guarantor of Rajvir Industries Ltd.
The Financial Creditor had sanctioned a term loan of Rs. 20 crores to the Corporate Debtor in 2009, which was to be repaid by July 2014.
Upender Kumar Agarwal stood as a guarantor to secure the repayment of the financial assistance availed by the Corporate Debtor.
The Corporate Debtor's account was classified as NPA on 29.06.2018, and the personal guarantee was invoked by the Financial Creditor.
The Financial Creditor issued a demand notice on 09.06.2021 and an addendum notice on 19.08.2021 to the Personal Guarantor.
The NCLT appointed Dr. Kondapalli Venkat Srinivas as Interim Resolution Professional.
…Financial Creditor…
The loan was required…