State Bank of India filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Shaliwahan Farms Private Limited, the Corporate Debtor/Guarantor. The petition was based on the Corporate Guarantor's liability to pay ₹26,44,96,625/- due to the Principal Borrower's default. The Financial Creditor had provided loan facilities to Deogiri Infrastructure Pvt. Ltd. (Principal Borrower), with Shaliwahan Farms acting as the Corporate Guarantor. The date of default was 10.04.2019.
State Bank of India (Financial Creditor) filed a petition under Section 7 of the IBC to initiate CIRP against Shaliwahan Farms Private Limited (Corporate Debtor/Guarantor). The petition was based on a guarantee agreement executed by Shaliwahan Farms securing the debt of Deogiri Infrastructure Pvt. Ltd. (Principal Borrower). The Principal Borrower defaulted on a loan of ₹26,44,96,625/-, with the date of default being 10.04.2019. The Financial Creditor had issued a notice under Section 13(2) of the SARFAESI Act to the Principal Borrower on 10.04.2019, calling upon them to repay the outstanding dues. A copy of this notice was sent to the Guarantor. The Financial Creditor argued that the Corporate Guarantor was liable to pay the outstanding amount. The Corporate
…Sign in to view the parties.
Shaliwahan Farms…
Sanction Letter issued for loan facility to…
State Bank of India filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Shaliwahan Farms Private Limited, the Corporate Debtor/Guarantor. The petition was based on the Corporate Guarantor's liability to pay ₹26,44,96,625/- due to the Principal Borrower's default. The Financial Creditor had provided loan facilities to Deogiri Infrastructure Pvt. Ltd. (Principal Borrower), with Shaliwahan Farms acting as the Corporate Guarantor. The date of default was 10.04.2019.
State Bank of India (Financial Creditor) filed a petition under Section 7 of the IBC to initiate CIRP against Shaliwahan Farms Private Limited (Corporate Debtor/Guarantor). The petition was based on a guarantee agreement executed by Shaliwahan Farms securing the debt of Deogiri Infrastructure Pvt. Ltd. (Principal Borrower). The Principal Borrower defaulted on a loan of ₹26,44,96,625/-, with the date of default being 10.04.2019. The Financial Creditor had issued a notice under Section 13(2) of the SARFAESI Act to the Principal Borrower on 10.04.2019, calling upon them to repay the outstanding dues. A copy of this notice was sent to the Guarantor. The Financial Creditor argued that the Corporate Guarantor was liable to pay the outstanding amount. The Corporate
…Shaliwahan Farms…
Sanction Letter issued for loan facility to…