Kotak Mahindra Bank Limited filed an intervention application in a personal insolvency resolution process initiated by Kapil Subhash Anand under Section 94 of the IBC. The bank sought to be made a party to the petition and to defend its interests, alleging that Anand's petition was an attempt to misuse the interim moratorium to stall SARFAESI proceedings.
Kapil Subhash Anand filed a petition under Section 94 of the IBC for initiation of personal insolvency resolution process.
Kotak Mahindra Bank Limited, the applicant, sanctioned working capital limits to KCN Exports Limited, secured by personal guarantees including that of Kapil Subhash Anand.
The loan account of KCN Exports Limited was classified as NPA on 31st December 2021.
Kotak Mahindra Bank issued a demand notice under Section 13(2) of the SARFAESI Act on 21st April 2022.
Kotak Mahindra Bank obtained an order under Section 14 of the SARFAESI Act on 12th April 2024 for taking possession of the secured assets.
Kapil Subhash Anand filed the Section 94 application on 30th May 2024, after receiving a pre-possession notice.
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The Principal Borrower…
The Applicant initiated recovery and…
Kotak Mahindra Bank Limited filed an intervention application in a personal insolvency resolution process initiated by Kapil Subhash Anand under Section 94 of the IBC. The bank sought to be made a party to the petition and to defend its interests, alleging that Anand's petition was an attempt to misuse the interim moratorium to stall SARFAESI proceedings.
Kapil Subhash Anand filed a petition under Section 94 of the IBC for initiation of personal insolvency resolution process.
Kotak Mahindra Bank Limited, the applicant, sanctioned working capital limits to KCN Exports Limited, secured by personal guarantees including that of Kapil Subhash Anand.
The loan account of KCN Exports Limited was classified as NPA on 31st December 2021.
Kotak Mahindra Bank issued a demand notice under Section 13(2) of the SARFAESI Act on 21st April 2022.
Kotak Mahindra Bank obtained an order under Section 14 of the SARFAESI Act on 12th April 2024 for taking possession of the secured assets.
Kapil Subhash Anand filed the Section 94 application on 30th May 2024, after receiving a pre-possession notice.
…The Principal Borrower…
The Applicant initiated recovery and…