The State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Shivratan Chandak, the personal guarantor of Maximum Synthetics Private Limited ('Corporate Debtor'). The Corporate Debtor had availed various credit facilities from SBI but defaulted on payments, leading to liquidation proceedings initiated on 2021-02-09. A demand notice was sent to the personal guarantor on 2021-06-29 regarding the unpaid debt.
State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Shivratan Chandak, who is the personal guarantor for Maximum Synthetics Private Limited (the 'Corporate Debtor'). The Corporate Debtor had obtained various credit facilities from SBI but failed to maintain financial discipline, resulting in defaults on payments. Consequently, liquidation proceedings against the Corporate Debtor were initiated on 2021-02-09. A demand notice dated 2021-06-29 was sent to Mr. Chandak, the personal guarantor, regarding the outstanding debt. The total debt from the Personal Guarantor by way of personal guarantee given to the corporate debtor is shown as Rs. 34,78,76,322/-. The
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Liquidation order passed against the…
Demand notice sent by the Applicant to the…
The State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Shivratan Chandak, the personal guarantor of Maximum Synthetics Private Limited ('Corporate Debtor'). The Corporate Debtor had availed various credit facilities from SBI but defaulted on payments, leading to liquidation proceedings initiated on 2021-02-09. A demand notice was sent to the personal guarantor on 2021-06-29 regarding the unpaid debt.
State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Shivratan Chandak, who is the personal guarantor for Maximum Synthetics Private Limited (the 'Corporate Debtor'). The Corporate Debtor had obtained various credit facilities from SBI but failed to maintain financial discipline, resulting in defaults on payments. Consequently, liquidation proceedings against the Corporate Debtor were initiated on 2021-02-09. A demand notice dated 2021-06-29 was sent to Mr. Chandak, the personal guarantor, regarding the outstanding debt. The total debt from the Personal Guarantor by way of personal guarantee given to the corporate debtor is shown as Rs. 34,78,76,322/-. The
…Liquidation order passed against the…
Demand notice sent by the Applicant to the…