The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Union Bank of India (financial creditor) against Laxmi Pat Surana (corporate guarantor). The financial creditor extended credit facilities to M/s. Mahaveer Construction, a proprietary firm of the appellant, through two loan agreements in 2007 and 2008. M/s. Surana Metals Limited, where the appellant is a Promoter/Director, offered a guarantee for the loan accounts. The loan accounts were declared NPA on 30.01.2010. The financial creditor filed an application under Section 7 of the IBC on 13.02.2019, which was resisted by the appellant on the grounds that the principal borrower was not a 'corporate
…In 2007 and 2008, Union Bank of India extended credit facilities to M/s. Mahaveer Construction, a proprietary firm owned by Laxmi Pat Surana, through two loan agreements. The total loan amount was Rs. 9,60,00,000 and Rs. 2,45,00,000. M/s. Surana Metals Limited, where Laxmi Pat Surana is a Promoter/Director, provided a guarantee for these loans. The loan accounts were declared Non-Performing Assets (NPA) on January 30, 2010. The bank issued a recall notice on February 19, 2010. The bank also filed an application under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the principal borrower before the Debt Recovery Tribunal (DRT) at Kolkata. On December 3, 2018, the bank sent a notice of payment under Section 4(1) of the IBC
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Union Bank of India extended credit facilities…
Union Bank of India extended credit facilities…
The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Union Bank of India (financial creditor) against Laxmi Pat Surana (corporate guarantor). The financial creditor extended credit facilities to M/s. Mahaveer Construction, a proprietary firm of the appellant, through two loan agreements in 2007 and 2008. M/s. Surana Metals Limited, where the appellant is a Promoter/Director, offered a guarantee for the loan accounts. The loan accounts were declared NPA on 30.01.2010. The financial creditor filed an application under Section 7 of the IBC on 13.02.2019, which was resisted by the appellant on the grounds that the principal borrower was not a 'corporate
…In 2007 and 2008, Union Bank of India extended credit facilities to M/s. Mahaveer Construction, a proprietary firm owned by Laxmi Pat Surana, through two loan agreements. The total loan amount was Rs. 9,60,00,000 and Rs. 2,45,00,000. M/s. Surana Metals Limited, where Laxmi Pat Surana is a Promoter/Director, provided a guarantee for these loans. The loan accounts were declared Non-Performing Assets (NPA) on January 30, 2010. The bank issued a recall notice on February 19, 2010. The bank also filed an application under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the principal borrower before the Debt Recovery Tribunal (DRT) at Kolkata. On December 3, 2018, the bank sent a notice of payment under Section 4(1) of the IBC
…Union Bank of India extended credit facilities…
Union Bank of India extended credit facilities…