The case involves an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The applicant, Central Bank of India, sought to initiate the Insolvency Resolution Process against the respondent, Mr. Sanjay Kumar Sureka, who is a personal guarantor for Concast Steel & Power Ltd. (CSPL). CSPL had availed credit facilities from the applicant, and Mr. Sureka had provided personal guarantees to secure the repayment of these facilities. Due to the failure of CSPL to comply with the terms and conditions of the loan accounts, the accounts were classified as NPA on
…Central Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mr. Sanjay Kumar Sureka, the personal guarantor for Concast Steel & Power Ltd. (CSPL). CSPL had availed credit facilities from Central Bank, and Mr. Sureka had provided personal guarantees to secure the repayment. The loan accounts were classified as NPA on 31.03.2015 due to CSPL's failure to comply with loan terms. CIRP had already been initiated against CSPL and admitted by NCLT Kolkata. The applicant issued a demand notice on 18.03.2021 demanding Rs. 280,93,10,825.35/-. Mr. Sanjay Kumar Sureka had executed personal guarantees lastly on 08.06.2017 in favour of the Applicant to secure the
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Loan accounts of…
Mr. Sanjay Kumar Sureka…
The case involves an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The applicant, Central Bank of India, sought to initiate the Insolvency Resolution Process against the respondent, Mr. Sanjay Kumar Sureka, who is a personal guarantor for Concast Steel & Power Ltd. (CSPL). CSPL had availed credit facilities from the applicant, and Mr. Sureka had provided personal guarantees to secure the repayment of these facilities. Due to the failure of CSPL to comply with the terms and conditions of the loan accounts, the accounts were classified as NPA on
…Central Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mr. Sanjay Kumar Sureka, the personal guarantor for Concast Steel & Power Ltd. (CSPL). CSPL had availed credit facilities from Central Bank, and Mr. Sureka had provided personal guarantees to secure the repayment. The loan accounts were classified as NPA on 31.03.2015 due to CSPL's failure to comply with loan terms. CIRP had already been initiated against CSPL and admitted by NCLT Kolkata. The applicant issued a demand notice on 18.03.2021 demanding Rs. 280,93,10,825.35/-. Mr. Sanjay Kumar Sureka had executed personal guarantees lastly on 08.06.2017 in favour of the Applicant to secure the
…Loan accounts of…
Mr. Sanjay Kumar Sureka…