The case involves an application filed by Union Bank of India, the Financial Creditor, under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Sachin Garg, the Personal Guarantor to the Corporate Debtor, M/s. S L Consumer Products Limited. The application pertains to an outstanding debt of Rs. 76.48 crores as of 21.09.2020, which is due from the Corporate Debtor. The bank had been dealing with the Corporate Debtor since 1999, providing credit and working capital facilities. The Corporate Debtor defaulted in repayment, leading to the account being declared NPA on 30.04.2017. The bank invoked the personal guarantee and issued a demand notice to Mr. Sachin Garg.
Union Bank of India (UBI) extended credit facilities to M/s. S L Consumer Products Limited (Corporate Debtor or CD). Mr. Sachin Garg acted as the personal guarantor for the CD's debt. The CD defaulted on its repayment obligations, leading UBI to declare the account as Non-Performing Asset (NPA) on 30.04.2017. UBI issued a notice dated 25.07.2021 to the borrower and the respondent under section 13(2) of the SARFAESI Act, 2002, seeking repayment of outstanding debt of Rs. 56.04 crores as on 30.04.2017. The CD was admitted into Corporate Insolvency Resolution Process (CIRP) by NCLT, New Delhi, vide order dated 10.07.2019. UBI invoked the personal guarantee of Mr. Sachin Garg via notice dated 21.09.2020. UBI filed an application under Section 95 of the Insolvency and
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The Applicant Bank has been dealing with CD…
The CD, through its guarantor, approached…
The case involves an application filed by Union Bank of India, the Financial Creditor, under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Sachin Garg, the Personal Guarantor to the Corporate Debtor, M/s. S L Consumer Products Limited. The application pertains to an outstanding debt of Rs. 76.48 crores as of 21.09.2020, which is due from the Corporate Debtor. The bank had been dealing with the Corporate Debtor since 1999, providing credit and working capital facilities. The Corporate Debtor defaulted in repayment, leading to the account being declared NPA on 30.04.2017. The bank invoked the personal guarantee and issued a demand notice to Mr. Sachin Garg.
Union Bank of India (UBI) extended credit facilities to M/s. S L Consumer Products Limited (Corporate Debtor or CD). Mr. Sachin Garg acted as the personal guarantor for the CD's debt. The CD defaulted on its repayment obligations, leading UBI to declare the account as Non-Performing Asset (NPA) on 30.04.2017. UBI issued a notice dated 25.07.2021 to the borrower and the respondent under section 13(2) of the SARFAESI Act, 2002, seeking repayment of outstanding debt of Rs. 56.04 crores as on 30.04.2017. The CD was admitted into Corporate Insolvency Resolution Process (CIRP) by NCLT, New Delhi, vide order dated 10.07.2019. UBI invoked the personal guarantee of Mr. Sachin Garg via notice dated 21.09.2020. UBI filed an application under Section 95 of the Insolvency and
…The Applicant Bank has been dealing with CD…
The CD, through its guarantor, approached…