This petition CP(IB)151(CHE)2025 was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Shoukath Sheriff, the Personal Guarantor for loan facilities availed by A & Z Lifestyle Retail Private Limited from Jammu & Kashmir Bank Limited. The petition sought to initiate the Insolvency Resolution Process.
Shoukath Sheriff filed a petition under Section 94(1) of the IBC as a personal guarantor to A & Z Lifestyle Retail Private Limited.
Jammu & Kashmir Bank Limited is the Financial Creditor.
The Corporate Debtor, A & Z Lifestyle Retail Private Limited, availed cash credit facilities and term loans from Jammu & Kashmir Bank Limited.
Shoukath Sheriff provided personal guarantees for the credit facilities.
The Corporate Debtor's account was declared NPA on 31.12.2019.
Jammu & Kashmir Bank Limited issued a demand notice on 03.01.2020 under the SARFAESI Act.
The Financial Creditor took physical possession of the mortgaged properties under Section 14 of the SARFAESI Act, 2002.
The petition was filed on 02.05.2025, after the limitation period had expired on 02.01.2023.
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A & Z Lifestyle Retail Private Limited availed…
The Corporate…
This petition CP(IB)151(CHE)2025 was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Shoukath Sheriff, the Personal Guarantor for loan facilities availed by A & Z Lifestyle Retail Private Limited from Jammu & Kashmir Bank Limited. The petition sought to initiate the Insolvency Resolution Process.
Shoukath Sheriff filed a petition under Section 94(1) of the IBC as a personal guarantor to A & Z Lifestyle Retail Private Limited.
Jammu & Kashmir Bank Limited is the Financial Creditor.
The Corporate Debtor, A & Z Lifestyle Retail Private Limited, availed cash credit facilities and term loans from Jammu & Kashmir Bank Limited.
Shoukath Sheriff provided personal guarantees for the credit facilities.
The Corporate Debtor's account was declared NPA on 31.12.2019.
Jammu & Kashmir Bank Limited issued a demand notice on 03.01.2020 under the SARFAESI Act.
The Financial Creditor took physical possession of the mortgaged properties under Section 14 of the SARFAESI Act, 2002.
The petition was filed on 02.05.2025, after the limitation period had expired on 02.01.2023.
…A & Z Lifestyle Retail Private Limited availed…
The Corporate…