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.
The petition was filed under Section 95(1) of the IBC, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019.
The Corporate Debtor, M/s. Jupiter Leys Private Limited, defaulted on a debt of Rs. 72,03,68,700.
Mr. Vinu Sagar is the Personal Guarantor of the Corporate Debtor.
The Corporate Debtor 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 Petitioner initiated recovery proceedings against the Corporate Debtor under the Recovery of Debts and Bankruptcy Act, 1993, and the SARFAESI Act, 2002.
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The Corporate Debtor, M/s. Jupiter Leys…
A Loan Agreement was…
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.
The petition was filed under Section 95(1) of the IBC, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019.
The Corporate Debtor, M/s. Jupiter Leys Private Limited, defaulted on a debt of Rs. 72,03,68,700.
Mr. Vinu Sagar is the Personal Guarantor of the Corporate Debtor.
The Corporate Debtor 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 Petitioner initiated recovery proceedings against the Corporate Debtor under the Recovery of Debts and Bankruptcy Act, 1993, and the SARFAESI Act, 2002.
…The Corporate Debtor, M/s. Jupiter Leys…
A Loan Agreement was…