Punjab National Bank initiated insolvency proceedings against Bhabani Prasad Mukherjee, the personal guarantor to a loan availed by Purulia Metal Casting Pvt. Ltd. The corporate debtor defaulted on loan repayments, leading to the invocation of the personal guarantee. The Resolution Professional (RP) was appointed and a public announcement was made.
Punjab National Bank extended credit facilities to Purulia Metal Casting Pvt. Ltd., with Bhabani Prasad Mukherjee acting as the personal guarantor.
The corporate debtor defaulted on loan repayments, leading to the account being classified as NPA on 31.03.2023.
The Financial Creditor invoked the personal guarantee on 05.04.2023, demanding Rs. 75,16,58,814.64.
Company Petition (IB) No. 244 (KB) of 2024 was filed under section 95 of the IBC Code 2016 to initiate Insolvency Resolution Process against the Personal Guarantor.
The application was admitted on 24.10.2024, and a Resolution Professional was appointed.
The Personal Guarantor failed to submit a repayment plan despite multiple attempts by the RP and creditors.
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Loan account…
Financial Creditor…
Punjab National Bank initiated insolvency proceedings against Bhabani Prasad Mukherjee, the personal guarantor to a loan availed by Purulia Metal Casting Pvt. Ltd. The corporate debtor defaulted on loan repayments, leading to the invocation of the personal guarantee. The Resolution Professional (RP) was appointed and a public announcement was made.
Punjab National Bank extended credit facilities to Purulia Metal Casting Pvt. Ltd., with Bhabani Prasad Mukherjee acting as the personal guarantor.
The corporate debtor defaulted on loan repayments, leading to the account being classified as NPA on 31.03.2023.
The Financial Creditor invoked the personal guarantee on 05.04.2023, demanding Rs. 75,16,58,814.64.
Company Petition (IB) No. 244 (KB) of 2024 was filed under section 95 of the IBC Code 2016 to initiate Insolvency Resolution Process against the Personal Guarantor.
The application was admitted on 24.10.2024, and a Resolution Professional was appointed.
The Personal Guarantor failed to submit a repayment plan despite multiple attempts by the RP and creditors.
…Loan account…
Financial Creditor…