The case pertains to an application filed by Canara Bank, through its Resolution Professional (RP), under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the insolvency resolution process against Ms. Kavita Aggarwal, the personal guarantor to M/s Sunstar Overseas Limited, the Corporate Debtor (CD). The CD had availed various credit facilities from a consortium of banks, including Canara Bank. Upon default, Canara Bank invoked the personal guarantee of Ms. Aggarwal and filed the petition after issuing a demand notice. The RP submitted a report recommending the admission of the petition, which was contested by the personal guarantor.
M/s Sunstar Overseas Limited (Corporate Debtor) availed credit facilities from a consortium of banks, including Canara Bank. An Interse Agreement was executed between the banks, with Karur Vysya Bank as the lead member. Ms. Kavita Aggarwal stood as a personal guarantor for the CD. The CD defaulted on its debt, leading to the invocation of the personal guarantee by Canara Bank on 25.04.2018. ICICI Bank had previously initiated CIRP against the CD under Section 7 of the IBC, which was admitted, and a resolution plan was approved on 12.09.2019. Canara Bank issued a demand notice to Ms. Aggarwal on 16.11.2022, seeking payment of Rs 113,90,24,108.65/-. The RP filed a report recommending the admission of the petition under Section 95. The personal guarantor raised
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An Interse Agreement was executed between…
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The case pertains to an application filed by Canara Bank, through its Resolution Professional (RP), under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the insolvency resolution process against Ms. Kavita Aggarwal, the personal guarantor to M/s Sunstar Overseas Limited, the Corporate Debtor (CD). The CD had availed various credit facilities from a consortium of banks, including Canara Bank. Upon default, Canara Bank invoked the personal guarantee of Ms. Aggarwal and filed the petition after issuing a demand notice. The RP submitted a report recommending the admission of the petition, which was contested by the personal guarantor.
M/s Sunstar Overseas Limited (Corporate Debtor) availed credit facilities from a consortium of banks, including Canara Bank. An Interse Agreement was executed between the banks, with Karur Vysya Bank as the lead member. Ms. Kavita Aggarwal stood as a personal guarantor for the CD. The CD defaulted on its debt, leading to the invocation of the personal guarantee by Canara Bank on 25.04.2018. ICICI Bank had previously initiated CIRP against the CD under Section 7 of the IBC, which was admitted, and a resolution plan was approved on 12.09.2019. Canara Bank issued a demand notice to Ms. Aggarwal on 16.11.2022, seeking payment of Rs 113,90,24,108.65/-. The RP filed a report recommending the admission of the petition under Section 95. The personal guarantor raised
…An Interse Agreement was executed between…
A board resolution was passed by the CD for…