Abhyudaya Co-Op. Bank Limited filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mrs. Ritadevi Devilal Chapagain, the Personal Guarantor, for default of Rs. 50,23,81,797.97 as on 29.02.2024. The application was filed on 21.05.2024.
Abhyudaya Co-Op. Bank Limited filed a petition under Section 95(1) of the IBC against Mrs. Ritadevi Devilal Chapagain, a personal guarantor.
The claim amount was Rs. 50,23,81,797.97 as on 29.02.2024.
The Corporate Debtor is M/s. Protocol Marine Services Private Limited (now under liquidation).
The bank had extended various credit facilities to the Corporate Debtor, secured by personal guarantees.
The Corporate Debtor underwent CIRP, and subsequently, liquidation was ordered.
The Resolution Professional was appointed and submitted a report recommending the admission of the petition.
The Respondent admitted to not making any payments after receiving the demand notice.
The Tribunal found that the guarantee was not invoked prior to the issuance of the demand notice.
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The amount of default…
Demand notice was…
Abhyudaya Co-Op. Bank Limited filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mrs. Ritadevi Devilal Chapagain, the Personal Guarantor, for default of Rs. 50,23,81,797.97 as on 29.02.2024. The application was filed on 21.05.2024.
Abhyudaya Co-Op. Bank Limited filed a petition under Section 95(1) of the IBC against Mrs. Ritadevi Devilal Chapagain, a personal guarantor.
The claim amount was Rs. 50,23,81,797.97 as on 29.02.2024.
The Corporate Debtor is M/s. Protocol Marine Services Private Limited (now under liquidation).
The bank had extended various credit facilities to the Corporate Debtor, secured by personal guarantees.
The Corporate Debtor underwent CIRP, and subsequently, liquidation was ordered.
The Resolution Professional was appointed and submitted a report recommending the admission of the petition.
The Respondent admitted to not making any payments after receiving the demand notice.
The Tribunal found that the guarantee was not invoked prior to the issuance of the demand notice.
The amount of default…
Demand notice was…