DBS Bank India Limited filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate insolvency resolution process against Mrs. Lalitkumari Sukanraj Shah, the personal guarantor of the corporate debtor, SKS Textiles Private Limited. The petition was filed due to a default of INR 28,79,39,439.56 as of 31.10.2021, with further interest accruing. The corporate debtor's account was classified as NPA on 06.04.2021, and the guarantee was invoked on 02.12.2022. The personal guarantor contested the petition, raising issues regarding the date of default, the petitioner's status as a financial creditor, and the authorization to file the petition.
DBS Bank India Limited filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against Mrs. Lalitkumari Sukanraj Shah, the personal guarantor of SKS Textiles Private Limited. The total debt in default was INR 28,79,39,439.56 as of 31.10.2021, with further interest. The corporate debtor's account was classified as NPA on 06.04.2021. The Deed of Guarantee was executed on 11.05.2015, and a Supplemental Deed on 03.03.2016. The guarantee was invoked on 02.12.2022. The personal guarantor contested the petition, alleging incorrect date of default, questioning the petitioner's status as a financial creditor due to a scheme of amalgamation, and challenging the authorization of the person filing the petition.
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The Deed of Guarantee…
The Supplemental Deed…
DBS Bank India Limited filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate insolvency resolution process against Mrs. Lalitkumari Sukanraj Shah, the personal guarantor of the corporate debtor, SKS Textiles Private Limited. The petition was filed due to a default of INR 28,79,39,439.56 as of 31.10.2021, with further interest accruing. The corporate debtor's account was classified as NPA on 06.04.2021, and the guarantee was invoked on 02.12.2022. The personal guarantor contested the petition, raising issues regarding the date of default, the petitioner's status as a financial creditor, and the authorization to file the petition.
DBS Bank India Limited filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against Mrs. Lalitkumari Sukanraj Shah, the personal guarantor of SKS Textiles Private Limited. The total debt in default was INR 28,79,39,439.56 as of 31.10.2021, with further interest. The corporate debtor's account was classified as NPA on 06.04.2021. The Deed of Guarantee was executed on 11.05.2015, and a Supplemental Deed on 03.03.2016. The guarantee was invoked on 02.12.2022. The personal guarantor contested the petition, alleging incorrect date of default, questioning the petitioner's status as a financial creditor due to a scheme of amalgamation, and challenging the authorization of the person filing the petition.
…The Deed of Guarantee…
The Supplemental Deed…