The case involves a petition filed by Canara Bank through its Resolution Professional (RP) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate insolvency resolution process against Ms. Sadhna Aggarwal, the personal guarantor to Sunstar Overseas Limited, the Corporate Debtor (CD). The CD had availed credit facilities from a consortium of banks, including Canara Bank. The CD defaulted on its debt, leading to the invocation of the personal guarantee. The RP filed a report recommending the admission of the petition, which was opposed by the personal guarantor. The personal guarantor raised objections regarding the report's preparation, the bank's authority to act individually, and the non-release of additional working capital by the
…Sunstar Overseas Limited (CD) availed credit facilities from a consortium of banks, including Canara Bank. Ms. Sadhna Aggarwal stood as a personal guarantor to the CD. The CD defaulted on its debt, amounting to Rs. 113,90,24,108.65/- as on 31.10.2022. Canara Bank invoked the personal guarantee of Ms. Sadhna Aggarwal on 25.04.2018. Canara Bank issued a demand notice to Ms. Sadhna Aggarwal on 16.11.2022, seeking payment of the default amount. Canara Bank filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, on 24.12.2022. The RP submitted a report recommending the admission of the petition. Ms. Sadhna Aggarwal raised objections to the admission of the petition, including objections regarding the report's preparation, the bank's authority to act
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The case involves a petition filed by Canara Bank through its Resolution Professional (RP) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate insolvency resolution process against Ms. Sadhna Aggarwal, the personal guarantor to Sunstar Overseas Limited, the Corporate Debtor (CD). The CD had availed credit facilities from a consortium of banks, including Canara Bank. The CD defaulted on its debt, leading to the invocation of the personal guarantee. The RP filed a report recommending the admission of the petition, which was opposed by the personal guarantor. The personal guarantor raised objections regarding the report's preparation, the bank's authority to act individually, and the non-release of additional working capital by the
…Sunstar Overseas Limited (CD) availed credit facilities from a consortium of banks, including Canara Bank. Ms. Sadhna Aggarwal stood as a personal guarantor to the CD. The CD defaulted on its debt, amounting to Rs. 113,90,24,108.65/- as on 31.10.2022. Canara Bank invoked the personal guarantee of Ms. Sadhna Aggarwal on 25.04.2018. Canara Bank issued a demand notice to Ms. Sadhna Aggarwal on 16.11.2022, seeking payment of the default amount. Canara Bank filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, on 24.12.2022. The RP submitted a report recommending the admission of the petition. Ms. Sadhna Aggarwal raised objections to the admission of the petition, including objections regarding the report's preparation, the bank's authority to act
…An Interse Agreement was executed between…
A board resolution was passed by the CD for…