The case involves a petition filed by Rajdeep Jain, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Jhamb Enterprises Private Limited, the Corporate Debtor. Rajdeep Jain, acting as a personal guarantor, discharged the Corporate Debtor's liability to the State Bank of India (SBI) and thus stepped into the shoes of the original financial creditor through subrogation. The Corporate Debtor defaulted on its credit facilities, leading to its account being classified as NPA by SBI. A compromise settlement was proposed but not fully executed by the Corporate Debtor.
Rajdeep Jain, the petitioner, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Jhamb Enterprises Private Limited, the corporate debtor. Rajdeep Jain acted as a personal guarantor for the corporate debtor's loan account with State Bank of India (SBI). The corporate debtor defaulted on its credit facilities, leading to its account being classified as NPA by SBI. A compromise settlement was proposed on 2021-09-03 but the corporate debtor failed to make the balance payment. Rajdeep Jain, as the guarantor, submitted a cheque for Rs. 1,85,00,000 on 2021-10-26 to SBI to discharge the liability and release his property from mortgage. SBI realized the amount and released the
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M/s Jhamb Enterprises…
Copy of the 13(2)-notice dated 25.08.2014 and…
The case involves a petition filed by Rajdeep Jain, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Jhamb Enterprises Private Limited, the Corporate Debtor. Rajdeep Jain, acting as a personal guarantor, discharged the Corporate Debtor's liability to the State Bank of India (SBI) and thus stepped into the shoes of the original financial creditor through subrogation. The Corporate Debtor defaulted on its credit facilities, leading to its account being classified as NPA by SBI. A compromise settlement was proposed but not fully executed by the Corporate Debtor.
Rajdeep Jain, the petitioner, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Jhamb Enterprises Private Limited, the corporate debtor. Rajdeep Jain acted as a personal guarantor for the corporate debtor's loan account with State Bank of India (SBI). The corporate debtor defaulted on its credit facilities, leading to its account being classified as NPA by SBI. A compromise settlement was proposed on 2021-09-03 but the corporate debtor failed to make the balance payment. Rajdeep Jain, as the guarantor, submitted a cheque for Rs. 1,85,00,000 on 2021-10-26 to SBI to discharge the liability and release his property from mortgage. SBI realized the amount and released the
…M/s Jhamb Enterprises…
Copy of the 13(2)-notice dated 25.08.2014 and…