CFM ASSET RECONSTRUCTION PRIVATE LIMITED Vs. MRS. BHARTI JAIN, PERSONAL GUARANTOR OF M/S NOIDA SOFTWARE TECHNOLOGY PARK LIMITED (PIRP initiated vide order dated 05.09.2024)

M/s Noida Software Technology Park Limited [CIN: U72200DL1999PLC098726] approached the Indian Bank ("Assignor Bank") and was sanctioned a Term Loan of Rs. 25,00,00,000/- (Rupees Twenty-Five Crores only) with sub limit LC of Rs. 20,00,00,000/- (Rupees Twenty Crores only) vide Sanction letter dated 20.02.2013

Mrs. Bharti Jain extended personal guarantee in respect of the loan availed by the Corporate Debtor vide Term Loan agreement dated 04.03.2013 for due repayment of the aforementioned loan. On occurrence of default, CFM Asset Reconstruction Private Limited issued a Demand Notice u/s 13(2) of SARFAESI Act, 2002 seeking payment of dues and thereby, invoking Personal Guarantee. Subsequently, following the default by the personal guarantor, the financial creditor i.e., CFM Asset Reconstruction Private Limited initiated proceedings under Section 95 of the Insolvency and Bankruptcy Code, 2016 before the Hon’ble NCLT, Bench – VI at New Delhi. The petition, titled as CFM Asset Reconstruction Private Limited Vs. Mrs. Bharti Jain (C.P. (IB) No. 449 of 2021.

The Hon’ble Adjudicating Authority, by order dated 02.02.2022, appointed Mrs. Jaya Bharuka having IBBI Registration number- IBBI/IPA-002/IP-N00781/2018-2019/12432 as the Resolution Professional. Subsequently, on 05.09.2024, the Hon’ble NCLT admitted the personal insolvency resolution process of Mrs. Bharti Jain under section 100 of Insolvency and Bankruptcy Code, 2016 vide its order dated 05.09.2024.

In furtherance of the directions issued by the Hon’ble Adjudicating Authority in the aforesaid order and in compliance of section 102 of the Insolvency and Bankruptcy Code, 2016, the RP has issued the public notice on 11.09.2024 inviting claims from all creditors within 21 days of such issue

Copy of the admission order dated 05.09.2024 and a copy of the Public Notice dated 11.09.2024 is available on the webpage of the Personal Guarantors.