The Central Bank of India filed a Company Petition for the initiation of the Corporate Insolvency Resolution Process (CIRP) against Mr. Sameer Subhash Gujjar, the Personal Guarantor of the Corporate Debtor, M/s. Opal Luxury Time Products Ltd. The petition is based on a Deed of Guarantee executed between the Petitioner and the Personal Guarantor. The Financial Creditor invoked the Deed of Personal Guarantee via a demand notice due to unpaid debt in default from M/s. Opal Luxury Time Products Ltd.
The Central Bank of India filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Mr. Sameer Subhash Gujjar, who is the personal guarantor for M/s. Opal Luxury Time Products Ltd. The petition is based on a Deed of Guarantee dated 29.03.2012. A demand notice was issued on 25.09.2019 for unpaid debt. The default occurred on 04.10.2019, 10 days after the demand notice. The limitation period was initially set to expire on 04.10.2022, but was extended due to the Supreme Court's suo-moto action related to Covid-19. The Hon'ble Supreme Court in Dilip B Jiwrajka Vs. Union of India & Ors. Writ Petition (Civil) No. 1281 of 2021 decided on 09.11.2023 held that no judicial adjudication is involved at the stages envisaged in Section 95 to Section 99
…Sign in to view the parties.
Deed of Guarantee…
Invocation of Deed of…
The Central Bank of India filed a Company Petition for the initiation of the Corporate Insolvency Resolution Process (CIRP) against Mr. Sameer Subhash Gujjar, the Personal Guarantor of the Corporate Debtor, M/s. Opal Luxury Time Products Ltd. The petition is based on a Deed of Guarantee executed between the Petitioner and the Personal Guarantor. The Financial Creditor invoked the Deed of Personal Guarantee via a demand notice due to unpaid debt in default from M/s. Opal Luxury Time Products Ltd.
The Central Bank of India filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Mr. Sameer Subhash Gujjar, who is the personal guarantor for M/s. Opal Luxury Time Products Ltd. The petition is based on a Deed of Guarantee dated 29.03.2012. A demand notice was issued on 25.09.2019 for unpaid debt. The default occurred on 04.10.2019, 10 days after the demand notice. The limitation period was initially set to expire on 04.10.2022, but was extended due to the Supreme Court's suo-moto action related to Covid-19. The Hon'ble Supreme Court in Dilip B Jiwrajka Vs. Union of India & Ors. Writ Petition (Civil) No. 1281 of 2021 decided on 09.11.2023 held that no judicial adjudication is involved at the stages envisaged in Section 95 to Section 99
…Deed of Guarantee…
Invocation of Deed of…