The case involves an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. IDBI Bank Limited, the Financial Creditor, filed a petition for the initiation of the Insolvency Resolution Process against the respondent, who is the Personal Guarantor of the Corporate Debtor. The petition was filed due to a default committed by the Principal Borrower, M/s. SPG Multi Trade Pvt. Ltd., for an amount of Rs. 63,71,41,818.28 crores with interest.
IDBI Bank Limited filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Madan Lal Goyal, the Personal Guarantor of the Corporate Debtor, M/s. SPG Multi Trade Pvt. Ltd. The petition was filed due to a default committed by the Principal Borrower, M/s. SPG Multi Trade Pvt. Ltd., for an amount of Rs. 63,71,41,818.28 crores with interest. A demand notice dated 07.12.2020 was issued invoking the Guarantee against the respondent. The respondent had executed a deed of Guarantee dated 27.05.2019, agreeing to pay the amount in case of default. The Financial Creditor suggested the name of the Insolvency Professional.
Sign in to view the parties.
The respondent, Madan Lal Goyal, executed a…
A demand notice was…
The case involves an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. IDBI Bank Limited, the Financial Creditor, filed a petition for the initiation of the Insolvency Resolution Process against the respondent, who is the Personal Guarantor of the Corporate Debtor. The petition was filed due to a default committed by the Principal Borrower, M/s. SPG Multi Trade Pvt. Ltd., for an amount of Rs. 63,71,41,818.28 crores with interest.
IDBI Bank Limited filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Madan Lal Goyal, the Personal Guarantor of the Corporate Debtor, M/s. SPG Multi Trade Pvt. Ltd. The petition was filed due to a default committed by the Principal Borrower, M/s. SPG Multi Trade Pvt. Ltd., for an amount of Rs. 63,71,41,818.28 crores with interest. A demand notice dated 07.12.2020 was issued invoking the Guarantee against the respondent. The respondent had executed a deed of Guarantee dated 27.05.2019, agreeing to pay the amount in case of default. The Financial Creditor suggested the name of the Insolvency Professional.
The respondent, Madan Lal Goyal, executed a…
A demand notice was…