Three petitions were filed by RL Marketing & Distributors, an operational creditor, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate insolvency resolution processes against Mrs. M. H. Hinshra, Mr. M. H. Hinsaf, and Mrs. A. Fathima, personal guarantors of Plumbers Choice Plastics Private Limited, for a debt of Rs. 2,37,02,977.14.
RL Marketing & Distributors filed petitions under Section 95(1) of the IBC against Mrs. M. H. Hinshra, Mr. M. H. Hinsaf, and Mrs. A. Fathima, personal guarantors of Plumbers Choice Plastics Private Limited.
The debt amount was Rs. 2,37,02,977.14.
The petitioner, RL Marketing & Distributors, acted as a del credere agent for Reliance Industries Limited (RIL).
The Corporate Debtor, Plumbers Choice Plastics Private Limited, entered into a Credit Agreement with the Petitioner on 31.01.2022 for Rs. 4,00,00,000.
Personal Guarantors executed a Deed of Guarantee on 31.01.2022, guaranteeing repayment of the Corporate Debtor's dues.
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The Corporate Debtor entered into a Credit…
A demand notice was…
Three petitions were filed by RL Marketing & Distributors, an operational creditor, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate insolvency resolution processes against Mrs. M. H. Hinshra, Mr. M. H. Hinsaf, and Mrs. A. Fathima, personal guarantors of Plumbers Choice Plastics Private Limited, for a debt of Rs. 2,37,02,977.14.
RL Marketing & Distributors filed petitions under Section 95(1) of the IBC against Mrs. M. H. Hinshra, Mr. M. H. Hinsaf, and Mrs. A. Fathima, personal guarantors of Plumbers Choice Plastics Private Limited.
The debt amount was Rs. 2,37,02,977.14.
The petitioner, RL Marketing & Distributors, acted as a del credere agent for Reliance Industries Limited (RIL).
The Corporate Debtor, Plumbers Choice Plastics Private Limited, entered into a Credit Agreement with the Petitioner on 31.01.2022 for Rs. 4,00,00,000.
Personal Guarantors executed a Deed of Guarantee on 31.01.2022, guaranteeing repayment of the Corporate Debtor's dues.
…The Corporate Debtor entered into a Credit…
A demand notice was…