The Indian Bank, formerly Allahabad Bank, filed a Company Petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Sanat Ishwarlal Parmar, the Personal Guarantor of M/s Ishwar Constructions Private Limited, for initiation of the Insolvency Resolution Process. The Financial Creditor presented a deed of guarantee executed by the Personal Guarantor dated 2018-01-30 and a demand notice (Form-B) dated 2019-12-02, calling upon the Personal Guarantor to pay an outstanding amount of Rs. 10,70,01,487/-.
The Indian Bank (formerly Allahabad Bank) filed a petition against Sanat Ishwarlal Parmar, who is the personal guarantor for M/s Ishwar Constructions Private Limited. The petition seeks to initiate an Insolvency Resolution Process against the personal guarantor. The Financial Creditor presented a deed of guarantee dated 2018-01-30 and a demand notice (Form-B) dated 2019-12-02, demanding payment of Rs. 10,70,01,487/-. The demand notice was issued to the Personal Guarantor. The Financial Creditor also drew the bench's attention to the proof of the demand notice as of 2023-11-20. The key facts are the existence of the guarantee, the outstanding debt, and the demand notice served to the guarantor.
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The Personal Guarantor…
The Financial Creditor issued a demand notice…
The Indian Bank, formerly Allahabad Bank, filed a Company Petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Sanat Ishwarlal Parmar, the Personal Guarantor of M/s Ishwar Constructions Private Limited, for initiation of the Insolvency Resolution Process. The Financial Creditor presented a deed of guarantee executed by the Personal Guarantor dated 2018-01-30 and a demand notice (Form-B) dated 2019-12-02, calling upon the Personal Guarantor to pay an outstanding amount of Rs. 10,70,01,487/-.
The Indian Bank (formerly Allahabad Bank) filed a petition against Sanat Ishwarlal Parmar, who is the personal guarantor for M/s Ishwar Constructions Private Limited. The petition seeks to initiate an Insolvency Resolution Process against the personal guarantor. The Financial Creditor presented a deed of guarantee dated 2018-01-30 and a demand notice (Form-B) dated 2019-12-02, demanding payment of Rs. 10,70,01,487/-. The demand notice was issued to the Personal Guarantor. The Financial Creditor also drew the bench's attention to the proof of the demand notice as of 2023-11-20. The key facts are the existence of the guarantee, the outstanding debt, and the demand notice served to the guarantor.
The Personal Guarantor…
The Financial Creditor issued a demand notice…