The application was filed by the Resolution Professional under Section 99 of the IBC, recommending the admission of an application filed by Canara Bank under Section 95 of the Code, seeking commencement of the Insolvency Resolution Process against the personal guarantor, Mr. Sachin Goyal, of M/s Shree Om Prime Foods Pvt. Ltd.
Canara Bank, the financial creditor, extended credit facilities totaling Rs. 475.00 Lakhs to M/s Shree Om Prime Foods Pvt. Ltd. (Corporate Debtor) via a sanction letter dated February 25, 2015. In connection with this, Mr. Sachin Goyal (Personal Guarantor) executed a Guarantee Agreement on February 27, 2015. Subsequently, the Corporate Debtor sought and received extensions of its Secured Overdraft Limit (SODH) multiple times, increasing the total exposure.
…Canara Bank sanctioned…
The Personal Guarantor…
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The application was filed by the Resolution Professional under Section 99 of the IBC, recommending the admission of an application filed by Canara Bank under Section 95 of the Code, seeking commencement of the Insolvency Resolution Process against the personal guarantor, Mr. Sachin Goyal, of M/s Shree Om Prime Foods Pvt. Ltd.
Canara Bank, the financial creditor, extended credit facilities totaling Rs. 475.00 Lakhs to M/s Shree Om Prime Foods Pvt. Ltd. (Corporate Debtor) via a sanction letter dated February 25, 2015. In connection with this, Mr. Sachin Goyal (Personal Guarantor) executed a Guarantee Agreement on February 27, 2015. Subsequently, the Corporate Debtor sought and received extensions of its Secured Overdraft Limit (SODH) multiple times, increasing the total exposure.
…Canara Bank sanctioned…
The Personal Guarantor…
Sign in to view related legal provisions.