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 the personal guarantor, Mr. Rohit Patni, who is a director of Rohit Ferro-Tech Limited (RFTL). RFTL had availed loan facilities amounting to Rs. 1269,59,00,000 from the applicant. The applicant filed an application before the Debt Recovery Tribunal - 1, Kolkata, being OA No. 309 of 2018 to realise its dues. Meanwhile, RFTL was admitted under CIRP by the National Company Law Tribunal, Kolkata Bench vide order
…State Bank of India (SBI) extended loan facilities amounting to Rs. 1269,59,00,000 to Rohit Ferro-Tech Limited (RFTL). Mr. Rohit Patni, being a director of RFTL, provided a personal guarantee to secure the loan. RFTL defaulted on the repayment of the loan. SBI initiated recovery proceedings before the Debt Recovery Tribunal (DRT), Kolkata, being OA No. 309 of 2018. Subsequently, RFTL was admitted into Corporate Insolvency Resolution Process (CIRP) by the NCLT, Kolkata, vide order dated 07/02/2020 in CP(IB) No.1214/KB/2018. SBI, as the creditor, issued a demand notice to Mr. Rohit Patni on 26/03/2021 under rule 7(1) of the IB Rules, 2019, but received no response. Mr. Joy Saha, appearing for the respondent, raised an objection to the application, stating that an
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Deed of Guar…
Deed of Guar…
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 the personal guarantor, Mr. Rohit Patni, who is a director of Rohit Ferro-Tech Limited (RFTL). RFTL had availed loan facilities amounting to Rs. 1269,59,00,000 from the applicant. The applicant filed an application before the Debt Recovery Tribunal - 1, Kolkata, being OA No. 309 of 2018 to realise its dues. Meanwhile, RFTL was admitted under CIRP by the National Company Law Tribunal, Kolkata Bench vide order
…State Bank of India (SBI) extended loan facilities amounting to Rs. 1269,59,00,000 to Rohit Ferro-Tech Limited (RFTL). Mr. Rohit Patni, being a director of RFTL, provided a personal guarantee to secure the loan. RFTL defaulted on the repayment of the loan. SBI initiated recovery proceedings before the Debt Recovery Tribunal (DRT), Kolkata, being OA No. 309 of 2018. Subsequently, RFTL was admitted into Corporate Insolvency Resolution Process (CIRP) by the NCLT, Kolkata, vide order dated 07/02/2020 in CP(IB) No.1214/KB/2018. SBI, as the creditor, issued a demand notice to Mr. Rohit Patni on 26/03/2021 under rule 7(1) of the IB Rules, 2019, but received no response. Mr. Joy Saha, appearing for the respondent, raised an objection to the application, stating that an
…Deed of Guar…
Deed of Guar…