The case involves an application filed by Central Bank of India against Ritesh Agarwal, a personal guarantor to the corporate debtor, Rajvir Industries Limited, under Section 123 of the Insolvency and Bankruptcy Code (IBC), 2016, read with the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The applicant seeks to initiate bankruptcy proceedings against the personal guarantor. The corporate debtor's account slipped into NPA category due to default in repayment. An earlier application under Section 7 of IBC by State Bank of India was admitted. The applicant also filed an OA before DRT-II, Hyderabad, for recovery of dues. The resolution professional (RP) was discharged in a
…Central Bank of India filed an application under Section 123 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate bankruptcy proceedings against Ritesh Agarwal, the personal guarantor of Rajvir Industries Limited. Rajvir Industries Limited's account was classified as NPA due to default in debt repayment. State Bank of India, another creditor, had previously filed an application under Section 7 of IBC, which was admitted. Central Bank of India also filed an OA before DRT-II, Hyderabad, for recovery of dues. An earlier resolution professional (RP) was discharged, and the creditor was granted liberty to take further steps. An earlier CP(IB) was withdrawn with liberty to file a fresh application. The personal guarantor raised objections, including the
…Sign in to view the parties.
Applicant along with State Bank of India filed…
Tribunal admitted an…
The case involves an application filed by Central Bank of India against Ritesh Agarwal, a personal guarantor to the corporate debtor, Rajvir Industries Limited, under Section 123 of the Insolvency and Bankruptcy Code (IBC), 2016, read with the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The applicant seeks to initiate bankruptcy proceedings against the personal guarantor. The corporate debtor's account slipped into NPA category due to default in repayment. An earlier application under Section 7 of IBC by State Bank of India was admitted. The applicant also filed an OA before DRT-II, Hyderabad, for recovery of dues. The resolution professional (RP) was discharged in a
…Central Bank of India filed an application under Section 123 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate bankruptcy proceedings against Ritesh Agarwal, the personal guarantor of Rajvir Industries Limited. Rajvir Industries Limited's account was classified as NPA due to default in debt repayment. State Bank of India, another creditor, had previously filed an application under Section 7 of IBC, which was admitted. Central Bank of India also filed an OA before DRT-II, Hyderabad, for recovery of dues. An earlier resolution professional (RP) was discharged, and the creditor was granted liberty to take further steps. An earlier CP(IB) was withdrawn with liberty to file a fresh application. The personal guarantor raised objections, including the
…Applicant along with State Bank of India filed…
Tribunal admitted an…