The State Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Smt. Kanak Biyani, the personal guarantor of the corporate debtor, Saga Automotive (I) Pvt Ltd. The application was filed due to the corporate debtor's inability to abide by financial discipline and failure to regularize its credit facility, resulting in outstanding debt. The corporate debtor is undergoing liquidation process.
State Bank of India (SBI) filed an application to initiate Insolvency Resolution Process against Smt. Kanak Biyani, who is the personal guarantor for Saga Automotive (I) Pvt Ltd (Corporate Debtor). Saga Automotive (I) Pvt Ltd obtained various credit facilities from SBI but failed to maintain financial discipline and regularize its credit facility, leading to outstanding debt. A demand notice dated 29.06.2021 was issued to Smt. Kanak Biyani, but it was returned. The notice was then affixed to the premises of the last known address of the respondent on 15.07.2021. The total debt from the Personal Guarantor by way of personal guarantee given to the corporate debtor is Rs.28,36,04,727.55. The Corporate Debtor is currently undergoing Liquidation Process vide order dated
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Corporate Debtor is…
Demand Notice dated…
The State Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Smt. Kanak Biyani, the personal guarantor of the corporate debtor, Saga Automotive (I) Pvt Ltd. The application was filed due to the corporate debtor's inability to abide by financial discipline and failure to regularize its credit facility, resulting in outstanding debt. The corporate debtor is undergoing liquidation process.
State Bank of India (SBI) filed an application to initiate Insolvency Resolution Process against Smt. Kanak Biyani, who is the personal guarantor for Saga Automotive (I) Pvt Ltd (Corporate Debtor). Saga Automotive (I) Pvt Ltd obtained various credit facilities from SBI but failed to maintain financial discipline and regularize its credit facility, leading to outstanding debt. A demand notice dated 29.06.2021 was issued to Smt. Kanak Biyani, but it was returned. The notice was then affixed to the premises of the last known address of the respondent on 15.07.2021. The total debt from the Personal Guarantor by way of personal guarantee given to the corporate debtor is Rs.28,36,04,727.55. The Corporate Debtor is currently undergoing Liquidation Process vide order dated
…Corporate Debtor is…
Demand Notice dated…