Canara Bank, acting through its Resolution Professional (RP), filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the insolvency resolution process against Ms. Navita Aggarwal, the personal guarantor to M/s Sunstar Overseas Limited, the corporate debtor. The corporate debtor had availed various credit facilities from a consortium of banks, including Canara Bank. Upon default, Canara Bank invoked the personal guarantee and issued a demand notice to Ms. Aggarwal. The RP appointed by the Adjudicating Authority submitted a report recommending the admission of the petition. The personal guarantor raised objections, primarily contending that the petition was premature and that Canara Bank lacked the authority to act
…M/s Sunstar Overseas Limited (Corporate Debtor) availed credit facilities from a consortium of banks, including Canara Bank. Ms. Navita Aggarwal stood as a personal guarantor for the Corporate Debtor. The Corporate Debtor defaulted on its debt obligations. Canara Bank invoked the personal guarantee of Ms. Aggarwal and issued a demand notice on 16.11.2022, seeking payment of Rs 113,90,24,108.65/-. Ms. Aggarwal responded on 22.12.2022, raising objections. Canara Bank filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, on 24.12.2022. An RP was appointed, who submitted a report recommending the admission of the petition. The RP sent letters to Ms. Aggarwal, seeking information and evidence of repayment. Ms. Aggarwal raised objections to the
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Canara Bank, acting through its Resolution Professional (RP), filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the insolvency resolution process against Ms. Navita Aggarwal, the personal guarantor to M/s Sunstar Overseas Limited, the corporate debtor. The corporate debtor had availed various credit facilities from a consortium of banks, including Canara Bank. Upon default, Canara Bank invoked the personal guarantee and issued a demand notice to Ms. Aggarwal. The RP appointed by the Adjudicating Authority submitted a report recommending the admission of the petition. The personal guarantor raised objections, primarily contending that the petition was premature and that Canara Bank lacked the authority to act
…M/s Sunstar Overseas Limited (Corporate Debtor) availed credit facilities from a consortium of banks, including Canara Bank. Ms. Navita Aggarwal stood as a personal guarantor for the Corporate Debtor. The Corporate Debtor defaulted on its debt obligations. Canara Bank invoked the personal guarantee of Ms. Aggarwal and issued a demand notice on 16.11.2022, seeking payment of Rs 113,90,24,108.65/-. Ms. Aggarwal responded on 22.12.2022, raising objections. Canara Bank filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, on 24.12.2022. An RP was appointed, who submitted a report recommending the admission of the petition. The RP sent letters to Ms. Aggarwal, seeking information and evidence of repayment. Ms. Aggarwal raised objections to the
…An Interse Agreement was executed between…
A board resolution was passed by the CD for…