The State Bank of India, acting as the petitioner/creditor, initiated insolvency resolution proceedings against five personal guarantors of M/s. Propyl Packaging Limited. These petitions were filed 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 Debtors) Rules, 2019. The corporate debtor, M/s. Propyl Packaging Limited, had already undergone a Corporate Insolvency Resolution Process (CIRP) which commenced on February 14, 2020, and subsequently entered liquidation on November 18, 2021, due to the absence of any viable resolution plan. The present applications target the personal guarantors who
…The State Bank of India, through its Stressed Assets Resolution Branch, filed five petitions 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 Debtors) Rules, 2019. These petitions were directed against Mr. Rajesh K S, Mr. Satheesh Babu V. K, Mr. Saleesh K Satheesh, Mrs. Bindya Saleesh, and Mrs. Sindhu Rajesh, who are the personal guarantors of the corporate debtor, M/s. Propyl Packaging Limited. The common issues and laws involved in these petitions led the Tribunal to take them up together and issue a common order.
State Bank of India sanctioned an overdraft…
Corporate Debtor executed loan cum…
The State Bank of India, acting as the petitioner/creditor, initiated insolvency resolution proceedings against five personal guarantors of M/s. Propyl Packaging Limited. These petitions were filed 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 Debtors) Rules, 2019. The corporate debtor, M/s. Propyl Packaging Limited, had already undergone a Corporate Insolvency Resolution Process (CIRP) which commenced on February 14, 2020, and subsequently entered liquidation on November 18, 2021, due to the absence of any viable resolution plan. The present applications target the personal guarantors who
…The State Bank of India, through its Stressed Assets Resolution Branch, filed five petitions 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 Debtors) Rules, 2019. These petitions were directed against Mr. Rajesh K S, Mr. Satheesh Babu V. K, Mr. Saleesh K Satheesh, Mrs. Bindya Saleesh, and Mrs. Sindhu Rajesh, who are the personal guarantors of the corporate debtor, M/s. Propyl Packaging Limited. The common issues and laws involved in these petitions led the Tribunal to take them up together and issue a common order.
State Bank of India sanctioned an overdraft…
Corporate Debtor executed loan cum…