NCLT Admits Insolvency as SARFAESI Notice Invoked Guarantee & Award Refreshed Limitation

Solapur Janata Sahakari Bank Limited Vs Mukund Pandharinath Kulkarni (NCLT Mumbai) The Application was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, by the Financial Creditor seeking initiation of the insolvency resolution process against the Personal Guarantor of a Corporate Debtor. The claimed debt amounted to ₹14.75 crore as of 30 September 2021, with defaults dated 31 March 2017 and 13 December 2016. The Corporate Debtor had been sanctioned STOS facilities of ₹6 crore in August 2015 and a Cash Credit (Pledge) Loan of ₹9 crore in March 2016. The Personal Guaranto...