The State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the I&B (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. S.R. Ramprasad, the Personal Guarantor of the Corporate Debtor, M/s Sura Leathers Private Limited. The corporate debtor had availed credit facilities from the financial creditor, which were guaranteed by the respondent and others. The corporate debtor defaulted in repayment, leading to the invocation of the personal guarantee.
State Bank of India (SBI) filed an application against Mr. S.R. Ramprasad, a personal guarantor to the Corporate Debtor, M/s Sura Leathers Private Limited, under Section 95(1) of the IBC, 2016. SBI sought to initiate the Insolvency Resolution Process against Mr. Ramprasad due to defaults by the Corporate Debtor. The Corporate Debtor had availed credit facilities from SBI, which were guaranteed by Mr. Ramprasad and others. The Corporate Debtor defaulted in repayment, leading SBI to invoke the personal guarantee. SBI issued a demand notice to Mr. Ramprasad on 14.08.2018, calling upon him to clear the outstanding liability. On 10.03.2021, SBI issued another demand notice (Form B) for Rs. 29,50,45,488.69 as on 09.03.2021. Mr. Ramprasad acknowledged the notice but raised
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The State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the I&B (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. S.R. Ramprasad, the Personal Guarantor of the Corporate Debtor, M/s Sura Leathers Private Limited. The corporate debtor had availed credit facilities from the financial creditor, which were guaranteed by the respondent and others. The corporate debtor defaulted in repayment, leading to the invocation of the personal guarantee.
State Bank of India (SBI) filed an application against Mr. S.R. Ramprasad, a personal guarantor to the Corporate Debtor, M/s Sura Leathers Private Limited, under Section 95(1) of the IBC, 2016. SBI sought to initiate the Insolvency Resolution Process against Mr. Ramprasad due to defaults by the Corporate Debtor. The Corporate Debtor had availed credit facilities from SBI, which were guaranteed by Mr. Ramprasad and others. The Corporate Debtor defaulted in repayment, leading SBI to invoke the personal guarantee. SBI issued a demand notice to Mr. Ramprasad on 14.08.2018, calling upon him to clear the outstanding liability. On 10.03.2021, SBI issued another demand notice (Form B) for Rs. 29,50,45,488.69 as on 09.03.2021. Mr. Ramprasad acknowledged the notice but raised
…The account of the…
Enforcement action under…