The Central Bank of India, as a financial creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking 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 State Bank of India, had sanctioned credit facilities to the corporate debtor. Due to the corporate debtor's inability to repay the loan, the payment schedule was modified. The corporate debtor's account was
…Central Bank of India (Financial Creditor) sanctioned credit facilities to Rajvir Industries Ltd (Corporate Debtor). Shri Ritesh Kumar Agarwal stood as a personal guarantor for the Corporate Debtor. The Corporate Debtor defaulted in repaying the loan, leading to restructuring. The account was classified as NPA on 2018-06-29. The Financial Creditor invoked the personal guarantee. The Financial Creditor initiated proceedings under SARFAESI Act and filed a company petition under Section 7 of the Code to initiate CIRP against the Corporate Debtor. The CIRP petition was admitted on 2021-04-26. The Financial Creditor issued demand notices to the personal guarantor, who failed to pay. The Financial Creditor filed a petition under Section 95 of IBC, 2016, seeking initiation of
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Payment schedule was…
The Central Bank of India, as a financial creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking 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 State Bank of India, had sanctioned credit facilities to the corporate debtor. Due to the corporate debtor's inability to repay the loan, the payment schedule was modified. The corporate debtor's account was
…Central Bank of India (Financial Creditor) sanctioned credit facilities to Rajvir Industries Ltd (Corporate Debtor). Shri Ritesh Kumar Agarwal stood as a personal guarantor for the Corporate Debtor. The Corporate Debtor defaulted in repaying the loan, leading to restructuring. The account was classified as NPA on 2018-06-29. The Financial Creditor invoked the personal guarantee. The Financial Creditor initiated proceedings under SARFAESI Act and filed a company petition under Section 7 of the Code to initiate CIRP against the Corporate Debtor. The CIRP petition was admitted on 2021-04-26. The Financial Creditor issued demand notices to the personal guarantor, who failed to pay. The Financial Creditor filed a petition under Section 95 of IBC, 2016, seeking initiation of
…Financial Creditor…
Payment schedule was…