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 stemmed from a default by Deogiri Infrastructure Pvt. Ltd. (Principal Borrower), to whom the Financial Creditor had extended loan facilities. Shaliwahan Farms acted as a guarantor for the loan. The date of default was 10.04.2019, and the outstanding amount was ₹26,44,96,625/-. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act to the Principal Borrower on 10.04.2019, but no separate demand notice was issued to the Corporate Guarantor invoking the guarantee. The Corporate Debtor executed a Guarantee Agreement on 23.09.2009 securing the debt to the Principal
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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 stemmed from a default by Deogiri Infrastructure Pvt. Ltd. (Principal Borrower), to whom the Financial Creditor had extended loan facilities. Shaliwahan Farms acted as a guarantor for the loan. The date of default was 10.04.2019, and the outstanding amount was ₹26,44,96,625/-. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act to the Principal Borrower on 10.04.2019, but no separate demand notice was issued to the Corporate Guarantor invoking the guarantee. The Corporate Debtor executed a Guarantee Agreement on 23.09.2009 securing the debt to the Principal
…Shaliwahan Farms…
Sanction Letter issued for loan facility to…