The Central Bank of India filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to initiate insolvency resolution process against Mr. Vinu Sagar, the Personal Guarantor of the Corporate Debtor, M/s. Jupiter Leys Private Limited, for a default of Rs. 72,03,68,700.
Central Bank of India filed a petition under Section 95(1) of IBC against Mr. Vinu Sagar, Personal Guarantor of Jupiter Leys Private Limited.
Jupiter Leys Private Limited was sanctioned credit facilities on 26.04.2012, and a Loan Agreement was executed on 18.06.2012.
Mr. Vinu Sagar and Mr. Vijayan Thoppil Vidyasagar executed personal guarantees in favor of the Bank.
The Corporate Debtor defaulted, and the Petitioner initiated recovery proceedings under the Recovery of Debts and Bankruptcy Act, 1993 and the SARFAESI Act, 2002.
The Corporate Insolvency Process against the Corporate Debtor was admitted on 22.12.2023 in CP (IBC)/21/KOB/2023 filed by IDBI Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016.
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The Corporate Debtor, M/s. Jupiter Leys…
A Loan Agreement was…
The Central Bank of India filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to initiate insolvency resolution process against Mr. Vinu Sagar, the Personal Guarantor of the Corporate Debtor, M/s. Jupiter Leys Private Limited, for a default of Rs. 72,03,68,700.
Central Bank of India filed a petition under Section 95(1) of IBC against Mr. Vinu Sagar, Personal Guarantor of Jupiter Leys Private Limited.
Jupiter Leys Private Limited was sanctioned credit facilities on 26.04.2012, and a Loan Agreement was executed on 18.06.2012.
Mr. Vinu Sagar and Mr. Vijayan Thoppil Vidyasagar executed personal guarantees in favor of the Bank.
The Corporate Debtor defaulted, and the Petitioner initiated recovery proceedings under the Recovery of Debts and Bankruptcy Act, 1993 and the SARFAESI Act, 2002.
The Corporate Insolvency Process against the Corporate Debtor was admitted on 22.12.2023 in CP (IBC)/21/KOB/2023 filed by IDBI Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016.
…The Corporate Debtor, M/s. Jupiter Leys…
A Loan Agreement was…