ORDER

Per: Bidisha Banerjee, Member (Judicial)

1. The Court congregated through a hybrid mode.

2. We have heard the Ld. Sr. Counsel/ Ld. Counsels for both the sides at length.

Facts in a nutshell:

3. Company Petition (IB) No. 327/KB/2024 has been preferred by the Financial Creditor Union Bank of India under Section 95 (1) of the Insolvency and Bankruptcy Process, 2016, for brevity “I&B Code”/ “Code” seeking initiation of Insolvency Resolution Process in respect of Mr. Narendra Kansal Personal Guarantor of M/s. K.K. Gifts Private Limited.

4. The total amount claimed to be in default is Rs.8,17,92,001/- as on 31.08.2024.

5. The date on which debt fell due is 31.10.2015 and the date on which default occurred is indicated 30.01.2016.

Submissions advanced by the Financial Creditor:

6. Ld. Sr. Counsel Mr. Jishnu Chowdhury appearing on behalf of the Financial Creditor Union Bank of India would submit that the Corporate Debtor K.K. Gifts Private Limited approached the Financial Creditor for credit facilities and upon such request the applicant bank on 17.03.2014 sanctioned a fresh working capital cash credit limit of Rs. 4 crore including takeover of limit of Rs.2.85 crore from the SBI, Bhawanipor