The case involves an application filed by Bank of India, the Financial Creditor, under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Praveen Gupta, the Personal Guarantor to the Corporate Debtor, M/s. Shree Raj Mahal Jewellers Private Limited. The application seeks to initiate the Insolvency Resolution Process against the personal guarantor due to an outstanding debt of Rs. 113.83 crores as of 31.01.2021, which was due from the Corporate Debtor. The Corporate Debtor had availed loan from a consortium of lenders, including Bank of India, but failed to maintain financial discipline, leading to its account being declared NPA. A prior CIRP application under Section 7 of the I&B Code against the Corporate Debtor was admitted, and subsequently, the

The case involves an application filed by Bank of India, the Financial Creditor, under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Praveen Gupta, the Personal Guarantor to the Corporate Debtor, M/s. Shree Raj Mahal Jewellers Private Limited. The application seeks to initiate the Insolvency Resolution Process against the personal guarantor due to an outstanding debt of Rs. 113.83 crores as of 31.01.2021, which was due from the Corporate Debtor. The Corporate Debtor had availed loan from a consortium of lenders, including Bank of India, but failed to maintain financial discipline, leading to its account being declared NPA. A prior CIRP application under Section 7 of the I&B Code against the Corporate Debtor was admitted, and subsequently, the