The case involves an application filed by State Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against the personal guarantor, Md. Majid Sultan, who is a director of Emerald Mineral Exim Private Limited (EME). The applicant, State Bank of India, is the financial creditor. EME had requested and was sanctioned credit limits, eventually reaching ₹30.74 crore. Md. Majid Sultan had provided personal guarantees to secure the repayment of these loans.
State Bank of India (SBI), the financial creditor, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Md. Majid Sultan, the personal guarantor to Emerald Mineral Exim Private Limited (EME). EME, the corporate debtor, had been sanctioned credit limits by SBI, eventually reaching ₹30.74 crore. Md. Majid Sultan, as a director of EME, executed personal guarantees on 18.01.2011 and 24.07.2013 in favor of SBI to secure the repayment of the facility agreements. EME defaulted on its payments, leading SBI to classify the account as a non-performing asset. SBI filed OA No.720/2014 under Section 19 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993, before the Debts Recovery Tribunal-III, Kolkata, but was
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Financial Creditor sanctioned an overall…
The loan was enhanced…
The case involves an application filed by State Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against the personal guarantor, Md. Majid Sultan, who is a director of Emerald Mineral Exim Private Limited (EME). The applicant, State Bank of India, is the financial creditor. EME had requested and was sanctioned credit limits, eventually reaching ₹30.74 crore. Md. Majid Sultan had provided personal guarantees to secure the repayment of these loans.
State Bank of India (SBI), the financial creditor, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Md. Majid Sultan, the personal guarantor to Emerald Mineral Exim Private Limited (EME). EME, the corporate debtor, had been sanctioned credit limits by SBI, eventually reaching ₹30.74 crore. Md. Majid Sultan, as a director of EME, executed personal guarantees on 18.01.2011 and 24.07.2013 in favor of SBI to secure the repayment of the facility agreements. EME defaulted on its payments, leading SBI to classify the account as a non-performing asset. SBI filed OA No.720/2014 under Section 19 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993, before the Debts Recovery Tribunal-III, Kolkata, but was
…Financial Creditor sanctioned an overall…
The loan was enhanced…