Siemens Financial Services Private Limited filed an application 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 Debtor) Rules, 2019, against Mr. Raheem Rautther Meeran, the personal guarantor to M.S.S. Hospital and Nursing College Pvt. Ltd.
Siemens Financial Services Private Limited provided credit facilities to M.S.S. Hospital and Nursing College Pvt. Ltd. amounting to Rs. 2,13,77,787.
Mr. Raheem Rautther Meeran acted as a personal guarantor for the credit facilities availed by M.S.S. Hospital and Nursing College Pvt. Ltd.
The corporate debtor defaulted on repayment of the credit facilities, which were declared as non-performing assets on 12.04.2019.
The applicant invoked the guarantee and sent a demand notice to the respondent on 09.08.2022 under section 13(2) of the SARFAESI Act, 2002.
A demand notice in Form B was served on the guarantor on 20.08.2022, demanding payment of Rs. 3,63,51,369 as on 20.07.2022.
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Corporate debtor faced…
The credit facilities…
Siemens Financial Services Private Limited filed an application 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 Debtor) Rules, 2019, against Mr. Raheem Rautther Meeran, the personal guarantor to M.S.S. Hospital and Nursing College Pvt. Ltd.
Siemens Financial Services Private Limited provided credit facilities to M.S.S. Hospital and Nursing College Pvt. Ltd. amounting to Rs. 2,13,77,787.
Mr. Raheem Rautther Meeran acted as a personal guarantor for the credit facilities availed by M.S.S. Hospital and Nursing College Pvt. Ltd.
The corporate debtor defaulted on repayment of the credit facilities, which were declared as non-performing assets on 12.04.2019.
The applicant invoked the guarantee and sent a demand notice to the respondent on 09.08.2022 under section 13(2) of the SARFAESI Act, 2002.
A demand notice in Form B was served on the guarantor on 20.08.2022, demanding payment of Rs. 3,63,51,369 as on 20.07.2022.
…Corporate debtor faced…
The credit facilities…