Indian Bank, through Resolution Professional Ms. Aakriti Sood, filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, r/w Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, to initiate insolvency resolution process against Kushan Nandy, the personal guarantor to a corporate debtor.
The petition was filed on 25.1.2024 under Section 95(1) of the Insolvency and Bankruptcy Code, 2016.
Indian Bank, the applicant, is a banking company formed under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
Kushan Nandy is a Director of M/s Kushan Nandy & Kiran Shroff Pictures Private Limited and executed a Deed of Guarantee in favor of Indian Bank.
M/s Kushan Nandy & Kiran Shroff Pictures Private Limited availed a term loan facility of ₹4 crores from Indian Bank on 23rd November 2015.
The loan account was classified as NPA on 20th March 2018, and a demand notice was issued on 21st March 2018 under Section 13(2) of the SARFAESI Act, 2002.
The total outstanding debt including interest is Rs. 9,92,73,378/- as on 31.01.2023.
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M/s Kushan Nandy & Kiran Shroff Pictures…
Creditor sanct…
Indian Bank, through Resolution Professional Ms. Aakriti Sood, filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, r/w Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, to initiate insolvency resolution process against Kushan Nandy, the personal guarantor to a corporate debtor.
The petition was filed on 25.1.2024 under Section 95(1) of the Insolvency and Bankruptcy Code, 2016.
Indian Bank, the applicant, is a banking company formed under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
Kushan Nandy is a Director of M/s Kushan Nandy & Kiran Shroff Pictures Private Limited and executed a Deed of Guarantee in favor of Indian Bank.
M/s Kushan Nandy & Kiran Shroff Pictures Private Limited availed a term loan facility of ₹4 crores from Indian Bank on 23rd November 2015.
The loan account was classified as NPA on 20th March 2018, and a demand notice was issued on 21st March 2018 under Section 13(2) of the SARFAESI Act, 2002.
The total outstanding debt including interest is Rs. 9,92,73,378/- as on 31.01.2023.
…M/s Kushan Nandy & Kiran Shroff Pictures…
Creditor sanct…