The case pertains to an application filed by State Bank of India (SBI) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, for initiating insolvency resolution process against Mr. S. Ashok, the personal guarantor to MPL Cars Private Limited.
SBI advanced cash credit loan facilities to MPL Cars Private Limited via e-DFS (Electronic Dealer Finance Scheme).
The Corporate Debtor, MPL Cars Private Limited, was admitted into CIRP on 13.08.2019 and subsequently into Dissolution on 12.07.2024.
Mr. S. Ashok provided a personal guarantee for the credit facilities availed by MPL Cars Private Limited.
The total debt claimed by SBI is Rs. 48,97,59,953/- as on 05.02.2024.
SBI issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, to the Corporate Debtor and its guarantors on 06.09.2016.
SBI initiated SARFAESI proceedings against the mortgaged security interest belonging to Mr. S. Ashok and recovered Rs.3,57,00,000/- through auction.
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SBI sanctioned e-DFS…
MPL Cars Pr…
The case pertains to an application filed by State Bank of India (SBI) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, for initiating insolvency resolution process against Mr. S. Ashok, the personal guarantor to MPL Cars Private Limited.
SBI advanced cash credit loan facilities to MPL Cars Private Limited via e-DFS (Electronic Dealer Finance Scheme).
The Corporate Debtor, MPL Cars Private Limited, was admitted into CIRP on 13.08.2019 and subsequently into Dissolution on 12.07.2024.
Mr. S. Ashok provided a personal guarantee for the credit facilities availed by MPL Cars Private Limited.
The total debt claimed by SBI is Rs. 48,97,59,953/- as on 05.02.2024.
SBI issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, to the Corporate Debtor and its guarantors on 06.09.2016.
SBI initiated SARFAESI proceedings against the mortgaged security interest belonging to Mr. S. Ashok and recovered Rs.3,57,00,000/- through auction.
…SBI sanctioned e-DFS…
MPL Cars Pr…