Bank of Baroda 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, to initiate the Insolvency Resolution Process against Mr. Ramesh Kumar Sarawagi, the personal guarantor for Prithvi Ferro Alloys Private Limited (PFAPL).
Bank of Baroda filed an application under Section 95(1) of the IBC against Ramesh Kumar Sarawagi, personal guarantor for Prithvi Ferro Alloys Private Limited (PFAPL).
The application seeks to initiate the Insolvency Resolution Process against the personal guarantor due to the failure to repay a debt of Rs. 16,89,01,410.32 as on 30/11/2021.
PFAPL, the principal borrower, had approached Bank of Baroda for credit facilities, which were extended based on representations made by PFAPL.
Ramesh Kumar Sarawagi executed a personal guarantee in favor of Bank of Baroda to secure the repayment of the credit facilities.
PFAPL was admitted under CIRP by the NCLT Kolkata Bench, and a resolution plan was approved on 03/05/2021.
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Bank of Baroda 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, to initiate the Insolvency Resolution Process against Mr. Ramesh Kumar Sarawagi, the personal guarantor for Prithvi Ferro Alloys Private Limited (PFAPL).
Bank of Baroda filed an application under Section 95(1) of the IBC against Ramesh Kumar Sarawagi, personal guarantor for Prithvi Ferro Alloys Private Limited (PFAPL).
The application seeks to initiate the Insolvency Resolution Process against the personal guarantor due to the failure to repay a debt of Rs. 16,89,01,410.32 as on 30/11/2021.
PFAPL, the principal borrower, had approached Bank of Baroda for credit facilities, which were extended based on representations made by PFAPL.
Ramesh Kumar Sarawagi executed a personal guarantee in favor of Bank of Baroda to secure the repayment of the credit facilities.
PFAPL was admitted under CIRP by the NCLT Kolkata Bench, and a resolution plan was approved on 03/05/2021.
…Order Reser…
Order Pronoun…