The case pertains to an application filed under Section 94 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process (IRP) against Mr. Bharat Harilal Valia, the Personal Guarantor of API Industries Private Limited. The State Bank of India (SBI) extended a credit facility of Rs. 34.05 Crores to API Industries Private Limited, for which Mr. Valia provided a personal guarantee. API Industries Private Limited defaulted on its dues, leading to the debt being classified as a Non-Performing Asset (NPA) by SBI on 27.09.2014. A demand notice was issued on 09.10.2014 under Section
…Mr. Bharat Harilal Valia acted as the personal guarantor for a credit facility of Rs. 34.05 Crores extended by the State Bank of India (SBI) to API Industries Private Limited. API Industries Private Limited defaulted on its repayment obligations, leading SBI to classify the debt as a Non-Performing Asset (NPA) on 27.09.2014. SBI issued a demand notice on 09.10.2014 under Section 13(2) of the SARFAESI Act. API Industries Private Limited filed an application before the Tribunal on 31.01.2018 to initiate Corporate Insolvency Resolution Process (CIRP), which was admitted on 19.02.2019. Subsequently, an order for liquidation was passed on 23.09.2019. Mr. Valia, as the personal guarantor, filed FORM A on 05.10.2020 to initiate Insolvency Resolution. The Resolution
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The debt was classified…
A Demand Notice was issued by the Financial…
The case pertains to an application filed under Section 94 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process (IRP) against Mr. Bharat Harilal Valia, the Personal Guarantor of API Industries Private Limited. The State Bank of India (SBI) extended a credit facility of Rs. 34.05 Crores to API Industries Private Limited, for which Mr. Valia provided a personal guarantee. API Industries Private Limited defaulted on its dues, leading to the debt being classified as a Non-Performing Asset (NPA) by SBI on 27.09.2014. A demand notice was issued on 09.10.2014 under Section
…Mr. Bharat Harilal Valia acted as the personal guarantor for a credit facility of Rs. 34.05 Crores extended by the State Bank of India (SBI) to API Industries Private Limited. API Industries Private Limited defaulted on its repayment obligations, leading SBI to classify the debt as a Non-Performing Asset (NPA) on 27.09.2014. SBI issued a demand notice on 09.10.2014 under Section 13(2) of the SARFAESI Act. API Industries Private Limited filed an application before the Tribunal on 31.01.2018 to initiate Corporate Insolvency Resolution Process (CIRP), which was admitted on 19.02.2019. Subsequently, an order for liquidation was passed on 23.09.2019. Mr. Valia, as the personal guarantor, filed FORM A on 05.10.2020 to initiate Insolvency Resolution. The Resolution
…The debt was classified…
A Demand Notice was issued by the Financial…