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 Corporate Insolvency Resolution Process by an NCLT, New Delhi order dated 14.02.2019.
State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Rajbir Singh, the personal guarantor of M/s. C & C Constructions Limited. The application seeks to initiate an insolvency resolution process 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. The Corporate Debtor defaulted in repayment, leading to its admission under Corporate Insolvency Resolution Process by 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 dated 29.04.2013. SBI invoked the personal guarantee on 24.08.2020 and issued a demand notice,
…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 Corporate Insolvency Resolution Process by an NCLT, New Delhi order dated 14.02.2019.
State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Rajbir Singh, the personal guarantor of M/s. C & C Constructions Limited. The application seeks to initiate an insolvency resolution process 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. The Corporate Debtor defaulted in repayment, leading to its admission under Corporate Insolvency Resolution Process by 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 dated 29.04.2013. SBI invoked the personal guarantee on 24.08.2020 and issued a demand notice,
…State Bank of India…
Mr. Rajbir Singh provided a personal guarantee…