The case pertains to an application filed by State Bank of India under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to initiate the Insolvency Resolution Process against the personal guarantor, Mrs. Radha Krishan Mehndiratta, of the corporate debtor M/s Mastana Foods Private Limited. The corporate debtor's account was declared NPA on 13.09.2017, and Corporate Insolvency Resolution Process was initiated against the Corporate Debtor on 18.09.2019.
M/s Mastana Foods Private Limited, the corporate debtor, availed various loan facilities totaling Rs. 249.85 crore plus warehouse receipt financing of Rs. 25 crore. The account of the Corporate Debtor was declared NPA by the Financial Creditor, SBI, on 13.09.2017. A notice under the SARFAESI Act was issued for recalling all credit facilities sanctioned to the Corporate Debtor. Corporate Insolvency Resolution Process was initiated against the Corporate Debtor on 18.09.2019, based on an application by the Financial Creditor under Section 7 of the IBC, 2016. SBI also issued a demand notice to the personal guarantors, including Mrs. Radha Krishan Mehndiratta, on 27.11.2020, under rule 7(1) of the IBBI Rules, 2019, calling upon them to pay the unpaid debt. The personal
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The case pertains to an application filed by State Bank of India under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to initiate the Insolvency Resolution Process against the personal guarantor, Mrs. Radha Krishan Mehndiratta, of the corporate debtor M/s Mastana Foods Private Limited. The corporate debtor's account was declared NPA on 13.09.2017, and Corporate Insolvency Resolution Process was initiated against the Corporate Debtor on 18.09.2019.
M/s Mastana Foods Private Limited, the corporate debtor, availed various loan facilities totaling Rs. 249.85 crore plus warehouse receipt financing of Rs. 25 crore. The account of the Corporate Debtor was declared NPA by the Financial Creditor, SBI, on 13.09.2017. A notice under the SARFAESI Act was issued for recalling all credit facilities sanctioned to the Corporate Debtor. Corporate Insolvency Resolution Process was initiated against the Corporate Debtor on 18.09.2019, based on an application by the Financial Creditor under Section 7 of the IBC, 2016. SBI also issued a demand notice to the personal guarantors, including Mrs. Radha Krishan Mehndiratta, on 27.11.2020, under rule 7(1) of the IBBI Rules, 2019, calling upon them to pay the unpaid debt. The personal
…The account of the…
Corporate Insolvency Resolution Process was…