This is an application filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016 by Axis Bank Limited, the creditor, against Prahalad Veljibhai Patel, the personal guarantor of Ambition Mica Limited. The personal guarantor executed a deed of guarantee on March 30, 2018. The amount of default is Rs. 23,55,97,901/-. The applicant served a demand notice under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantor to Corporate Debtor) Rules, 2019 on April 18, 2023. The date of default mentioned in the application is June 17, 2022.
Axis Bank Limited filed an application under Section 95 of the IBC, 2016 against Prahalad Veljibhai Patel, who is the personal guarantor of Ambition Mica Limited. The personal guarantor executed a deed of guarantee on March 30, 2018. The amount of default is Rs. 23,55,97,901/-. The applicant issued a demand notice under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantor to Corporate Debtor) Rules, 2019 on April 18, 2023. The date of default mentioned in the application is June 17, 2022. The applicant filed an affidavit stating that notice had been served on the personal guarantor. The court appointed Mr. Rathin Amishbhai Majmudar as the Resolution Professional. The Resolution Professional is required to
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The Personal G…
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This is an application filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016 by Axis Bank Limited, the creditor, against Prahalad Veljibhai Patel, the personal guarantor of Ambition Mica Limited. The personal guarantor executed a deed of guarantee on March 30, 2018. The amount of default is Rs. 23,55,97,901/-. The applicant served a demand notice under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantor to Corporate Debtor) Rules, 2019 on April 18, 2023. The date of default mentioned in the application is June 17, 2022.
Axis Bank Limited filed an application under Section 95 of the IBC, 2016 against Prahalad Veljibhai Patel, who is the personal guarantor of Ambition Mica Limited. The personal guarantor executed a deed of guarantee on March 30, 2018. The amount of default is Rs. 23,55,97,901/-. The applicant issued a demand notice under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantor to Corporate Debtor) Rules, 2019 on April 18, 2023. The date of default mentioned in the application is June 17, 2022. The applicant filed an affidavit stating that notice had been served on the personal guarantor. The court appointed Mr. Rathin Amishbhai Majmudar as the Resolution Professional. The Resolution Professional is required to
…The Personal G…
The date of de…