Unity Small Finance Bank Ltd. (erstwhile Punjab and Maharashtra Cooperative Bank Limited), as the Financial Creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Sarang Rakesh Wadhawan, the personal guarantor of M/s Guruashish Construction Private Limited (Corporate Debtor). The Corporate Debtor had defaulted on a term loan of INR 75,00,00,000/-, which led to its admission into CIRP and subsequent liquidation. The Financial Creditor invoked the personal guarantee for an outstanding amount of Rs. 69,07,10,842/- and filed the petition after the personal guarantor failed to repay the debt.
The original lender (Punjab and Maharashtra Cooperative Bank Limited) sanctioned a term loan for INR 75,00,00,000/- on 04.03.2017, which was subsequently revised on 20.04.2017.
The loan was secured by a Deed of Hypothecation, Deed of Mortgage, Demand Promissory Note, and a Common Letter of Guarantee dated 29.04.2017, executed by Mr. Rakeshkumar Kuldipsingh Wadhawan (Respondent) and PPIPL.
A sum of Rs. 35,00,00,000/- was disbursed to the corporate debtor on 29.04.2017, and Rs. 62,00,168/- was disbursed on 05.06.2017.
The Corporate Debtor, M/s Guruashish Construction Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on 24.07.2017 and later ordered to be liquidated on 04.09.2020.
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The original lender…
A revised Sa…
Unity Small Finance Bank Ltd. (erstwhile Punjab and Maharashtra Cooperative Bank Limited), as the Financial Creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Sarang Rakesh Wadhawan, the personal guarantor of M/s Guruashish Construction Private Limited (Corporate Debtor). The Corporate Debtor had defaulted on a term loan of INR 75,00,00,000/-, which led to its admission into CIRP and subsequent liquidation. The Financial Creditor invoked the personal guarantee for an outstanding amount of Rs. 69,07,10,842/- and filed the petition after the personal guarantor failed to repay the debt.
The original lender (Punjab and Maharashtra Cooperative Bank Limited) sanctioned a term loan for INR 75,00,00,000/- on 04.03.2017, which was subsequently revised on 20.04.2017.
The loan was secured by a Deed of Hypothecation, Deed of Mortgage, Demand Promissory Note, and a Common Letter of Guarantee dated 29.04.2017, executed by Mr. Rakeshkumar Kuldipsingh Wadhawan (Respondent) and PPIPL.
A sum of Rs. 35,00,00,000/- was disbursed to the corporate debtor on 29.04.2017, and Rs. 62,00,168/- was disbursed on 05.06.2017.
The Corporate Debtor, M/s Guruashish Construction Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on 24.07.2017 and later ordered to be liquidated on 04.09.2020.
…The original lender…
A revised Sa…