Kotak Mahindra Bank Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Akul Industries Private Limited (Corporate Debtor). The Corporate Debtor acted as a corporate guarantor for a loan advanced to individual borrowers (Mr. Alok Kumar, Mrs. Tulika Kumar, Ms. Shrimayi Kumar, and Ms. Anushree Kumar). The initial loan of Rs. 8,41,00,000/- was sanctioned on August 25, 2021, and a Guarantee Deed was executed on April 25, 2019. Due to the COVID-19 pandemic, the loan was restructured to Rs. 7,99,31,000/-, and a fresh Guarantee Deed was executed on September 28, 2021. The Financial Creditor claimed an outstanding amount of Rs. 8,50,40,814.71/- as
…Kotak Mahindra Bank Limited (Financial Creditor) filed an application under Section 7 of the IBC against Akul Industries Private Limited (Corporate Debtor).
Akul Industries Private Limited is the corporate guarantor for a loan advanced to individual borrowers: Mr. Alok Kumar, Mrs. Tulika Kumar, Ms. Shrimayi Kumar, and Ms. Anushree Kumar.
A loan amount of Rs. 8,41,00,000/- was sanctioned on August 25, 2021, to the borrowers.
The Corporate Debtor executed a Guarantee Deed on April 25, 2019, for Loan Account No. LAP18406717.
Due to the COVID-19 pandemic, the existing loan account was restructured for an amount of Rs. 7,99,31,000/-.
A new loan agreement was executed on August 25, 2021, and another Guarantee Deed was executed by the Corporate Debtor on September 28, 2021.
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Kotak Mahindr…
Akul Industries…
Kotak Mahindra Bank Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Akul Industries Private Limited (Corporate Debtor). The Corporate Debtor acted as a corporate guarantor for a loan advanced to individual borrowers (Mr. Alok Kumar, Mrs. Tulika Kumar, Ms. Shrimayi Kumar, and Ms. Anushree Kumar). The initial loan of Rs. 8,41,00,000/- was sanctioned on August 25, 2021, and a Guarantee Deed was executed on April 25, 2019. Due to the COVID-19 pandemic, the loan was restructured to Rs. 7,99,31,000/-, and a fresh Guarantee Deed was executed on September 28, 2021. The Financial Creditor claimed an outstanding amount of Rs. 8,50,40,814.71/- as
…Kotak Mahindra Bank Limited (Financial Creditor) filed an application under Section 7 of the IBC against Akul Industries Private Limited (Corporate Debtor).
Akul Industries Private Limited is the corporate guarantor for a loan advanced to individual borrowers: Mr. Alok Kumar, Mrs. Tulika Kumar, Ms. Shrimayi Kumar, and Ms. Anushree Kumar.
A loan amount of Rs. 8,41,00,000/- was sanctioned on August 25, 2021, to the borrowers.
The Corporate Debtor executed a Guarantee Deed on April 25, 2019, for Loan Account No. LAP18406717.
Due to the COVID-19 pandemic, the existing loan account was restructured for an amount of Rs. 7,99,31,000/-.
A new loan agreement was executed on August 25, 2021, and another Guarantee Deed was executed by the Corporate Debtor on September 28, 2021.
…Kotak Mahindr…
Akul Industries…