The Cosmos Co-Operative Bank Ltd. (Financial Creditor) filed an application under Section 95 of the IBC, 2016, against Mr. Rajendra Singhal, a personal guarantor for M/s Labhanshi Multitrade Private Limited (Corporate Debtor). The Corporate Debtor had availed significant credit facilities, for which Mr. Singhal executed Deeds of Guarantee. The Corporate Debtor's account became a Non-Performing Asset (NPA) on 12.09.2024, and a default qua the guarantor occurred on 25.12.2024 after a SARFAESI notice invoking the guarantee and a Form B demand notice were issued. The total debt in default was Rs. 22,88,37,876.29/-. The Resolution Professional, MVK IPE LLP, appointed by the Tribunal, recommended the admission of the application. The Respondent objected, primarily arguing
…The COSMOS Co-Operative Bank Ltd. (Applicant/Financial Creditor) filed an application under Section 95 of the IBC, 2016, against Mr. Rajendra Singhal (Respondent/Personal Guarantor).
Mr. Rajendra Singhal is the personal guarantor of M/s Labhanshi Multitrade Private Limited (Corporate Debtor).
The Corporate Debtor availed a cash credit facility of Rs. 2,150.00 lakh and five term loans aggregating Rs. 530.00 lakh from the Financial Creditor.
The Respondent, along with other guarantors, executed Deeds of Guarantee on 25.10.2019, 21.01.2021, and 16.12.2022, undertaking joint and several liability for the repayment of facilities.
The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 12.09.2024.
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The Corporate Debtor was sanctioned cash…
The Corporate Debtor was sanctioned additional…
The Cosmos Co-Operative Bank Ltd. (Financial Creditor) filed an application under Section 95 of the IBC, 2016, against Mr. Rajendra Singhal, a personal guarantor for M/s Labhanshi Multitrade Private Limited (Corporate Debtor). The Corporate Debtor had availed significant credit facilities, for which Mr. Singhal executed Deeds of Guarantee. The Corporate Debtor's account became a Non-Performing Asset (NPA) on 12.09.2024, and a default qua the guarantor occurred on 25.12.2024 after a SARFAESI notice invoking the guarantee and a Form B demand notice were issued. The total debt in default was Rs. 22,88,37,876.29/-. The Resolution Professional, MVK IPE LLP, appointed by the Tribunal, recommended the admission of the application. The Respondent objected, primarily arguing
…The COSMOS Co-Operative Bank Ltd. (Applicant/Financial Creditor) filed an application under Section 95 of the IBC, 2016, against Mr. Rajendra Singhal (Respondent/Personal Guarantor).
Mr. Rajendra Singhal is the personal guarantor of M/s Labhanshi Multitrade Private Limited (Corporate Debtor).
The Corporate Debtor availed a cash credit facility of Rs. 2,150.00 lakh and five term loans aggregating Rs. 530.00 lakh from the Financial Creditor.
The Respondent, along with other guarantors, executed Deeds of Guarantee on 25.10.2019, 21.01.2021, and 16.12.2022, undertaking joint and several liability for the repayment of facilities.
The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 12.09.2024.
…The Corporate Debtor was sanctioned cash…
The Corporate Debtor was sanctioned additional…