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 Mr. Ankit Patni, a personal guarantor to Rohit Ferro-Tech Limited (RFTL). RFTL had availed loan facilities from the applicant amounting to Rs. 1269,59,00,000. Mr. Patni executed a personal guarantee on 17/09/2014 in favour of SBICAP TRUSTEE COMPANY LIMITED, acting as a Security Trustee, to secure the repayment of the facility agreements.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Insolvency Resolution Process (IRP) against Mr. Ankit Patni, a personal guarantor to Rohit Ferro-Tech Limited (RFTL). RFTL, the corporate debtor, had availed loan facilities amounting to Rs. 1269,59,00,000 from SBI. Facility Agreements were in place, obligating RFTL to repay the principal loan amount with interest. Deeds of Guarantee and a Supplemental Deed of Guarantee were executed between 2011 and 2014. Mr. Ankit Patni executed a personal guarantee on 17/09/2014 in favor of SBICAP TRUSTEE COMPANY LIMITED, acting as a Security Trustee, to secure the repayment of the facility agreements. RFTL was admitted under Corporate Insolvency
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The Court conv…
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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 Mr. Ankit Patni, a personal guarantor to Rohit Ferro-Tech Limited (RFTL). RFTL had availed loan facilities from the applicant amounting to Rs. 1269,59,00,000. Mr. Patni executed a personal guarantee on 17/09/2014 in favour of SBICAP TRUSTEE COMPANY LIMITED, acting as a Security Trustee, to secure the repayment of the facility agreements.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Insolvency Resolution Process (IRP) against Mr. Ankit Patni, a personal guarantor to Rohit Ferro-Tech Limited (RFTL). RFTL, the corporate debtor, had availed loan facilities amounting to Rs. 1269,59,00,000 from SBI. Facility Agreements were in place, obligating RFTL to repay the principal loan amount with interest. Deeds of Guarantee and a Supplemental Deed of Guarantee were executed between 2011 and 2014. Mr. Ankit Patni executed a personal guarantee on 17/09/2014 in favor of SBICAP TRUSTEE COMPANY LIMITED, acting as a Security Trustee, to secure the repayment of the facility agreements. RFTL was admitted under Corporate Insolvency
…The Court conv…
Order Pronounce…