The case involves an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 filed by Central Bank of India (Financial Creditor) against Mr. Sushil Kumar Agarwal (Personal Guarantor) of Concast Steel & Power Limited (In Liquidation) (Corporate Debtor). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on November 7, 2017. Mr. Sanjay Agarwal was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Kshitiz Chhawchharia as the Resolution Professional (RP). Since no resolution plan was received, the Corporate Debtor was sent into liquidation on September 26, 2018.
Central Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Sushil Kumar Agarwal, the Personal Guarantor of Concast Steel & Power Limited (In Liquidation). Concast Steel & Power Limited was admitted into CIRP on November 7, 2017, and subsequently went into liquidation on September 26, 2018, due to the absence of a resolution plan. Sushil Kumar Agarwal had executed a Deed of Hypothecation and a Personal Guarantee on June 8, 2017. The Corporate Debtor's account was declared as Non-Performing Assets in 2015. The Financial Creditor served a statutory notice of demand on March 18, 2021, for an outstanding debt of Rs. 280,93,10,825 as of January 29, 2021, which remained unpaid. The application seeks to enforce
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The case involves an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 filed by Central Bank of India (Financial Creditor) against Mr. Sushil Kumar Agarwal (Personal Guarantor) of Concast Steel & Power Limited (In Liquidation) (Corporate Debtor). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on November 7, 2017. Mr. Sanjay Agarwal was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Kshitiz Chhawchharia as the Resolution Professional (RP). Since no resolution plan was received, the Corporate Debtor was sent into liquidation on September 26, 2018.
Central Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Sushil Kumar Agarwal, the Personal Guarantor of Concast Steel & Power Limited (In Liquidation). Concast Steel & Power Limited was admitted into CIRP on November 7, 2017, and subsequently went into liquidation on September 26, 2018, due to the absence of a resolution plan. Sushil Kumar Agarwal had executed a Deed of Hypothecation and a Personal Guarantee on June 8, 2017. The Corporate Debtor's account was declared as Non-Performing Assets in 2015. The Financial Creditor served a statutory notice of demand on March 18, 2021, for an outstanding debt of Rs. 280,93,10,825 as of January 29, 2021, which remained unpaid. The application seeks to enforce
…The account of the…
The Personal Guarantor executed an…