Indian Bank, the Financial Creditor, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against Varez Karsi Dadina, the Personal Guarantor, for a debt owed by M/s. KND Engineering Technologies Limited (Corporate Debtor). The application was filed due to the personal guarantor's failure to pay the outstanding debt.
M/s. KND Engineering Technologies Limited (Corporate Debtor) availed credit facilities from Indian Bank (Financial Creditor) with a sanction limit of Rs. 55 crores.
Varez Karsi Dadina furnished a Personal Guarantee to secure the credit facilities granted to M/s. KND Engineering Technologies Limited.
The account of the Corporate Debtor was classified as Non-Performing Asset (NPA) on 02/05/2018.
The outstanding debt and uncharged interest as of 13/10/2020 was Rs. 61,49,71,280.62.
Indian Bank issued a demand notice on 13/10/2020 to Varez Karsi Dadina under Rule 7(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal Guarantor to Corporate Debtor) Rules, 2019.
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Account of Corporate…
Applicant issued demand notice as the Personal…
Indian Bank, the Financial Creditor, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against Varez Karsi Dadina, the Personal Guarantor, for a debt owed by M/s. KND Engineering Technologies Limited (Corporate Debtor). The application was filed due to the personal guarantor's failure to pay the outstanding debt.
M/s. KND Engineering Technologies Limited (Corporate Debtor) availed credit facilities from Indian Bank (Financial Creditor) with a sanction limit of Rs. 55 crores.
Varez Karsi Dadina furnished a Personal Guarantee to secure the credit facilities granted to M/s. KND Engineering Technologies Limited.
The account of the Corporate Debtor was classified as Non-Performing Asset (NPA) on 02/05/2018.
The outstanding debt and uncharged interest as of 13/10/2020 was Rs. 61,49,71,280.62.
Indian Bank issued a demand notice on 13/10/2020 to Varez Karsi Dadina under Rule 7(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal Guarantor to Corporate Debtor) Rules, 2019.
…Account of Corporate…
Applicant issued demand notice as the Personal…