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2021 (9) TMI 1443
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....d Bankruptcy Code, 2016 (I&B Code,2016) read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 (Personal Guarantors Insolvency Rules) against Mrs.Reena Paul, Personal Guarantor of the Corporate Debtor M/s. Unitek Power Solutions India Limited, for initiating Insolvency Resolution Process. The brief facts leading to the present petition are as under: - 3. The Corporate Debtor, M/s. Unitek Power Solutions India Limited availed credit facilities from the Federal Bank Limited, viz. Cash Credit, Bank Guarantee, Term Loan (IPS). The amount of default is Rs. 38,56,65,007,80/-(Rupees Thirty-Eight Crore Fifty-Six Lakhs and Sixty-Five Thousand and Seven and paisa Eighty Only) as on 31.05.2021. The Corporate Debtor failed to make good its debt obligations and the account was classified as a non-performing asset (NPA) in the books of accounts of the Bank as per the extant guidelines of Reserve Bank of India. The loans availed was secured by way of a charge over certain properties belonging to some of the Guarantors/ Co-obligators. The financial facilities were ....
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....eless her liability under the guarantee shall not exceed on the whole sum of Rs. 18,00,00,000/-(Rupees Eighteen Crores Only) apart from all other expenses. 9. Hence, Mrs. Susan Zachariah, in the capacity of personal guarantor is liable to pay to the Petitioner herein for the default committed by the Corporate Debtor, in accordance with the guarantee agreement dated 20.11.2008, and 27.02.2010. CP(IBC)/15/KOB/2021 10. This petition has been filed by the Petitioner/Creditor M/s. J M Financial Asset Reconstruction Company Limited under Section 95 (1) of the Insolvency and Bankruptcy Code, 2016 (I&B Code,2016) read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 (Personal Guarantors Insolvency Rules) against Mrs. John Zachariah, Personal Guarantor of the Corporate Debtor M/s. Unitek Power Solutions India Limited, for initiating Insolvency Resolution Process. The brief facts leading to the present petition are as under: - 11. The Corporate Debtor, M/s. Unitek Power Solutions India Limited availed credit facilities from the Federal Bank Limited,....
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....its debt obligations and was the amount classified as a non performing asset (NPA) in the books of accounts of the Bank as per the extant guidelines of Reserve Bank of India. The loans availed was secured by way of a charge over certain properties belonging to some of the Guarantors/ Co obligators. The financial facilities were secured by one of the Guarantors i.e., Mrs. Annu Mathew (Respondent) by executing several agreements of guarantee on various occasions. 16. The Respondent undertook to unconditionally and irrevocably pay the Bank on demand the amount without protest in the event of default by the Corporate Debtor, nevertheless her liability under the guarantee shall not exceed on the whole sum of Rs. 18,00,00,000/-(Rupees Eighteen Crores Only) apart from all other expenses. 17. Hence, Mrs. Annu Mathew, in the capacity of personal guarantor is liable to pay to the Petitioner herein for the default committed by the Corporate Debtor, in accordance with the guarantee agreement dated 20.11.2008 and 27.02.2010. CP(IBC)/17/KOB/2021 18. This petition has been filed by the Petitioner/Creditor M/s. J M Financial Asset Reconstruction Company Limited under Section 95 (1) of ....
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....ah John Personal Guarantor of the Corporate Debtor M/s. Unitek Power Solutions India Limited, for initiating Insolvency Resolution Process. The brief facts leading to the present petition are as under: - 23. The Corporate Debtor, M/s. Unitek Power Solutions India Limited availed credit facilities from the Federal Bank Limited, viz. Cash Credit, Bank Guarantee, Term Loan (IPS). The amount of default is Rs. 38,56,65,007,80/- (Rupees Thirty-Eight Crore Fifty-Six Lakhs and Sixty-Five Thousand and Seven and paisa Eighty Only) as on 31.05.2021. The Corporate Debtor failed to make good its debt obligations and the account was classified as a nonperforming asset (NPA) in the books of accounts of the Bank as per the extant guidelines of Reserve Bank of India. The loans availed was secured by way of a charge over certain properties belonging to some of the Guarantors/ Coobligators. The financial facilities were secured by one of the Guarantors i.e., Mr. Korah John (Respondent) by executing several agreements of guarantee on various occasions. 24. The Respondent undertook to unconditionally and irrevocably pay the Bank on demand the amount without protest in the event of default by t....
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....default committed by the Corporate Debtor, in accordance with the guarantee agreement dated 20.11.2008 and 27.02.2010. 30. The amount of default is Rs. 38,56,65,007,80/-(Rupees Thirty-Eight Crore Fifty-Six Lakhs and Sixty-Five Thousand and Seven and paisa Eighty Only) as on 31.05.2021. By way of registered assignment Agreement dated 26.03.2013, the financial assets of Corporate Debtor along with all the rights, title, interest and underlying security interests secured by the Corporate Debtor and Guarantors were assigned by the Federal Bank Ltd. to the Applicant under the provisions of Securitizations and Reconstruction of financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). It is stated that the Creditor has filed OA No. 376 of 2013, before the Debt Recovery Tribunal-1 Ernakulam against the Corporate Debtor and the Guarantors and the said OA is pending. The Creditor had also filed an application under Section 7 of the Code as CP/91/IB/2018 before the National Company Law Tribunal, Chennai. The Tribunal allowed the application by order dated 01.01.2019, admitting the CIRP against Unitek Power Solutions India Limited. 31. It is further stated that the....
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....process under this section by submitting an application. (2) A creditor may apply under sub-section (1) in relation to any partnership debt owed to him for initiating an insolvency resolution process against- (a) any one or more partners of the firm; or (b) the firm. (3) Where an application has been made against one partner in a firm, any other application against another partner in the same firm shall be presented in or transferred to the Adjudicating Authority in which the first mentioned application is pending for adjudication and such Adjudicating Authority may give such directions for consolidating the proceedings under the applications as it thinks just. (4) An application under sub-section (1) shall be accompanied with details and documents relating to- (a) the debts owed by the debtor to the creditor or creditors submitting the application for insolvency resolution process as on the date of application; (b) the failure by the debtor to pay the debt within a period of fourteen days of the service of the notice of demand; and (c) relevant evidence of such default or non-repayment of debt. (5) The creditor shall also provide a copy of the a....