Canara Bank filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Anish B. Doshi, the Personal Guarantor, for initiating the Insolvency Resolution Process.
Canara Bank, the Applicant, and M/s Textrade International Limited entered into contractual obligations for a working capital facility.
The working capital facility was sanctioned on 01.08.2016 and renewed on 17.02.2017.
Revisions to the Working Capital Facilities were made through a Consortium Agreement dated 24.03.2017.
Anish B. Doshi executed a Personal Guarantee on 28.03.2017 to secure the contractual obligations.
M/s Textrade International Limited defaulted in payment of dues amounting to Rs. 14,98,03,219.61, with the date of default being 31.01.2019.
A demand notice dated 24.10.2024 was issued to Anish B. Doshi, the Personal Guarantor, as per Rule 7(1) of the Insolvency and Bankruptcy Rules, 2019 read with Section 95 of the IBC.
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Canara Bank and M/s Textrade International…
Renewal of the…
Canara Bank filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Anish B. Doshi, the Personal Guarantor, for initiating the Insolvency Resolution Process.
Canara Bank, the Applicant, and M/s Textrade International Limited entered into contractual obligations for a working capital facility.
The working capital facility was sanctioned on 01.08.2016 and renewed on 17.02.2017.
Revisions to the Working Capital Facilities were made through a Consortium Agreement dated 24.03.2017.
Anish B. Doshi executed a Personal Guarantee on 28.03.2017 to secure the contractual obligations.
M/s Textrade International Limited defaulted in payment of dues amounting to Rs. 14,98,03,219.61, with the date of default being 31.01.2019.
A demand notice dated 24.10.2024 was issued to Anish B. Doshi, the Personal Guarantor, as per Rule 7(1) of the Insolvency and Bankruptcy Rules, 2019 read with Section 95 of the IBC.
…Canara Bank and M/s Textrade International…
Renewal of the…