Indian Bank, the applicant, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Kishore D Patel, the personal guarantor of M/s. Evershine Wood Packaging Private Limited, the corporate debtor. The corporate debtor had taken credit facilities from the applicant but failed to repay the debt, leading to the initiation of CIRP against the corporate debtor. The CIRP against the corporate debtor was initiated vide an order dated 23.06.2023. The applicant has provided particulars of the debt amounting to Rs. 87,68,66,107.35/-. The applicant also placed the Deed of Guarantee dated 29.12.2017 executed by the Respondent. A demand notice was issued to the personal guarantor on 17.07.2023.

Indian Bank, the applicant, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Kishore D Patel, the personal guarantor of M/s. Evershine Wood Packaging Private Limited, the corporate debtor. The corporate debtor had taken credit facilities from the applicant but failed to repay the debt, leading to the initiation of CIRP against the corporate debtor. The CIRP against the corporate debtor was initiated vide an order dated 23.06.2023. The applicant has provided particulars of the debt amounting to Rs. 87,68,66,107.35/-. The applicant also placed the Deed of Guarantee dated 29.12.2017 executed by the Respondent. A demand notice was issued to the personal guarantor on 17.07.2023.