This case involves an application filed by State Bank of India under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Rajbir Singh, the personal guarantor to the corporate debtor, M/s. C & C Constructions Limited. The application seeks to initiate an insolvency resolution process against the personal guarantor due to an outstanding debt of Rs. 1138.73 crores as of 31.07.2020. The corporate debtor had defaulted in repayment, leading to its admission under the Corporate Insolvency Resolution Process by an NCLT, New Delhi order dated 14.02.2019. The guarantee was invoked by the bank on 24.08.2020, and a demand notice was issued, but there was no response from the respondent.
State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Mr. Rajbir Singh, who is the personal guarantor for M/s. C & C Constructions Limited, the corporate debtor. SBI sought to initiate an insolvency resolution process against Mr. Rajbir Singh due to an outstanding debt of Rs. 1138.73 crores as of 31.07.2020. SBI had sanctioned credit facilities to the corporate debtor on 16.04.2007 and executed a Term Loan Agreement. The corporate debtor defaulted on repayment, leading to its admission into the Corporate Insolvency Resolution Process (CIRP) via an NCLT order dated 14.02.2019. Mr. Rajbir Singh provided a personal guarantee in favor of M/s. SBICAP Trustee Company Limited, as per a Deed of Guarantee
…Sign in to view the parties.
State Bank of India…
Mr. Rajbir Singh provided a Personal Guarantee…
This case involves an application filed by State Bank of India under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Rajbir Singh, the personal guarantor to the corporate debtor, M/s. C & C Constructions Limited. The application seeks to initiate an insolvency resolution process against the personal guarantor due to an outstanding debt of Rs. 1138.73 crores as of 31.07.2020. The corporate debtor had defaulted in repayment, leading to its admission under the Corporate Insolvency Resolution Process by an NCLT, New Delhi order dated 14.02.2019. The guarantee was invoked by the bank on 24.08.2020, and a demand notice was issued, but there was no response from the respondent.
State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Mr. Rajbir Singh, who is the personal guarantor for M/s. C & C Constructions Limited, the corporate debtor. SBI sought to initiate an insolvency resolution process against Mr. Rajbir Singh due to an outstanding debt of Rs. 1138.73 crores as of 31.07.2020. SBI had sanctioned credit facilities to the corporate debtor on 16.04.2007 and executed a Term Loan Agreement. The corporate debtor defaulted on repayment, leading to its admission into the Corporate Insolvency Resolution Process (CIRP) via an NCLT order dated 14.02.2019. Mr. Rajbir Singh provided a personal guarantee in favor of M/s. SBICAP Trustee Company Limited, as per a Deed of Guarantee
…State Bank of India…
Mr. Rajbir Singh provided a Personal Guarantee…