The Central Bank of India, acting as a financial creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the initiation of the Insolvency Resolution Process against Shri Ritesh Kumar Agarwal, the personal guarantor of M/s Rajvir Industries Ltd, the corporate debtor. The financial creditor, along with other lenders under a consortium led by the State Bank of India, had sanctioned credit facilities to the corporate debtor. The corporate debtor defaulted on repayment, leading to the invocation of the personal guarantee. The corporate debtor's account was classified as a Non-Performing Asset (NPA) on 29.06.2018. The financial creditor also initiated Corporate Insolvency Resolution Process (CIRP) against the corporate debtor
…Central Bank of India (Financial Creditor) filed a petition under Section 95 of IBC, 2016 against Shri Ritesh Kumar Agarwal (Personal Guarantor) of M/s Rajvir Industries Ltd (Corporate Debtor). The Financial Creditor, along with other lenders under consortium with State Bank of India as lead bank, sanctioned Fund Based and Non-Fund Base Credit Facilities to the Corporate Debtor. The Financial Creditor sanctioned Rs.20 crores as a Term Loan in 2009, repayable by July 2014. Due to the Corporate Debtor's inability to repay, the payment schedule was modified on 11.02.2013. Shri Ritesh Kumar Agarwal stood as guarantor to secure the repayment. The outstanding amount in default is Rs. 7,29,36,344.03. The Corporate Debtor executed loan documents, and the Personal Guarantor
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Financial Creditor…
The Term Loan was…
The Central Bank of India, acting as a financial creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the initiation of the Insolvency Resolution Process against Shri Ritesh Kumar Agarwal, the personal guarantor of M/s Rajvir Industries Ltd, the corporate debtor. The financial creditor, along with other lenders under a consortium led by the State Bank of India, had sanctioned credit facilities to the corporate debtor. The corporate debtor defaulted on repayment, leading to the invocation of the personal guarantee. The corporate debtor's account was classified as a Non-Performing Asset (NPA) on 29.06.2018. The financial creditor also initiated Corporate Insolvency Resolution Process (CIRP) against the corporate debtor
…Central Bank of India (Financial Creditor) filed a petition under Section 95 of IBC, 2016 against Shri Ritesh Kumar Agarwal (Personal Guarantor) of M/s Rajvir Industries Ltd (Corporate Debtor). The Financial Creditor, along with other lenders under consortium with State Bank of India as lead bank, sanctioned Fund Based and Non-Fund Base Credit Facilities to the Corporate Debtor. The Financial Creditor sanctioned Rs.20 crores as a Term Loan in 2009, repayable by July 2014. Due to the Corporate Debtor's inability to repay, the payment schedule was modified on 11.02.2013. Shri Ritesh Kumar Agarwal stood as guarantor to secure the repayment. The outstanding amount in default is Rs. 7,29,36,344.03. The Corporate Debtor executed loan documents, and the Personal Guarantor
…Financial Creditor…
The Term Loan was…