DBS Bank India Limited filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy Rules, 2019, seeking to initiate insolvency resolution process against Mrs. Sapna Vicky Shah, the personal guarantor of the corporate debtor, SKS Textiles Private Limited. The corporate debtor had availed various loan facilities from the applicant, DBS Bank India Limited. The personal guarantors provided their personal guarantee for these facilities. The corporate debtor defaulted on repayments, leading to the applicant recalling the loan facilities and initiating recovery proceedings. The financial creditor dispatched a demand notice on January 5, 2022, demanding payment of ₹28,79,39,439.56. The personal guarantor
…DBS Bank India Limited filed a petition against Mrs. Sapna Vicky Shah, the personal guarantor of SKS Textiles Private Limited, seeking to initiate insolvency resolution. SKS Textiles Private Limited had availed loan facilities from DBS Bank India Limited, with Mrs. Shah providing a personal guarantee. The corporate debtor defaulted, leading to the recall of loan facilities. The total debt in default amounted to INR 28,79,39,439.56 as of 31.10.2021. The guarantee was invoked on 02.12.2022. 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 of Guarantee was executed on 03.03.2016. The Corporate Debtor delivered undated repayment cheques for amounts of ₹7,40,00,000, *7,50,00,000,
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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, read with Rule 7 of the Insolvency and Bankruptcy Rules, 2019, seeking to initiate insolvency resolution process against Mrs. Sapna Vicky Shah, the personal guarantor of the corporate debtor, SKS Textiles Private Limited. The corporate debtor had availed various loan facilities from the applicant, DBS Bank India Limited. The personal guarantors provided their personal guarantee for these facilities. The corporate debtor defaulted on repayments, leading to the applicant recalling the loan facilities and initiating recovery proceedings. The financial creditor dispatched a demand notice on January 5, 2022, demanding payment of ₹28,79,39,439.56. The personal guarantor
…DBS Bank India Limited filed a petition against Mrs. Sapna Vicky Shah, the personal guarantor of SKS Textiles Private Limited, seeking to initiate insolvency resolution. SKS Textiles Private Limited had availed loan facilities from DBS Bank India Limited, with Mrs. Shah providing a personal guarantee. The corporate debtor defaulted, leading to the recall of loan facilities. The total debt in default amounted to INR 28,79,39,439.56 as of 31.10.2021. The guarantee was invoked on 02.12.2022. 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 of Guarantee was executed on 03.03.2016. The Corporate Debtor delivered undated repayment cheques for amounts of ₹7,40,00,000, *7,50,00,000,
…The Deed of Guarantee…
The Supplemental Deed…