IDBI Bank Limited, acting through its Resolution Professional Shri. Anil Kumar Mittal, initiated an application under Section 95(1) r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking to commence the Insolvency Resolution Process against Smt. Seema Gupta, who is the personal guarantor for M/s. Savemax Wholesale Club Private Limited, the corporate debtor. The corporate debtor had requested working capital facilities, which were sanctioned by IDBI Bank vide sanction letters dated 23.11.2016 for Rs. 30 Crore. The corporate debtor offered personal guarantees from its directors/promoters. The corporate debtor failed to maintain financial discipline, leading to its
…IDBI Bank Limited extended working capital facilities to M/s. Savemax Wholesale Club Private Limited, the corporate debtor. Smt. Seema Gupta provided a personal guarantee for the financial assistance granted to the corporate debtor. The corporate debtor defaulted on its repayment obligations, leading to its account being classified as a Non-Performing Asset (NPA) on 31.03.2018. IDBI Bank issued a recall notice to the corporate debtor on 30.06.2018. The Corporate Debtor was admitted into CIRP on 28.03.2018 and subsequently ordered into liquidation on 30.01.2019. The bank claimed a total debt of Rs. 15,19,84,972.42/- as on 01.09.2021. A demand notice was issued to the personal guarantor on 28.09.2021. The Corporate Debtor had also created mortgage over properties. The
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IDBI Bank sanctioned…
Smt. Seema Gupta…
IDBI Bank Limited, acting through its Resolution Professional Shri. Anil Kumar Mittal, initiated an application under Section 95(1) r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking to commence the Insolvency Resolution Process against Smt. Seema Gupta, who is the personal guarantor for M/s. Savemax Wholesale Club Private Limited, the corporate debtor. The corporate debtor had requested working capital facilities, which were sanctioned by IDBI Bank vide sanction letters dated 23.11.2016 for Rs. 30 Crore. The corporate debtor offered personal guarantees from its directors/promoters. The corporate debtor failed to maintain financial discipline, leading to its
…IDBI Bank Limited extended working capital facilities to M/s. Savemax Wholesale Club Private Limited, the corporate debtor. Smt. Seema Gupta provided a personal guarantee for the financial assistance granted to the corporate debtor. The corporate debtor defaulted on its repayment obligations, leading to its account being classified as a Non-Performing Asset (NPA) on 31.03.2018. IDBI Bank issued a recall notice to the corporate debtor on 30.06.2018. The Corporate Debtor was admitted into CIRP on 28.03.2018 and subsequently ordered into liquidation on 30.01.2019. The bank claimed a total debt of Rs. 15,19,84,972.42/- as on 01.09.2021. A demand notice was issued to the personal guarantor on 28.09.2021. The Corporate Debtor had also created mortgage over properties. The
…IDBI Bank sanctioned…
Smt. Seema Gupta…