The application was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Mr. Sharvesh, the Applicant/Personal Guarantor. The prayer is to initiate the Insolvency Resolution Process in respect of Mr. Sharvesh, being the Personal Guarantor for M/s. Srivisha Infra Pvt. Ltd. ('Corporate Debtor'). M/s. Srivisha Infra Pvt. Ltd. had taken credit facilities from Canara Bank, and the Applicant had given a personal guarantee for the loan. The Corporate Debtor failed to repay the debt, leading to the present application.
Mr. Sharvesh, acting as a personal guarantor for M/s. Srivisha Infra Pvt. Ltd. ('Corporate Debtor'), filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. M/s. Srivisha Infra Pvt. Ltd. had obtained credit facilities from Canara Bank, for which Mr. Sharvesh provided a personal guarantee. The Corporate Debtor defaulted on a debt of Rs. 1,18,28,277/-, with the date of default being 2022-04-29. Canara Bank issued a demand notice dated 2022-04-30 under Section 13(2) of the SARFAESI Act, 2022. Mr. Sharvesh also filed a statement of affairs as on 2023-12-15. The guarantor has served a copy of this application to every Financial Creditor and the Corporate Debtor.
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Date of default on the…
Canara Bank issued a…
The application was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Mr. Sharvesh, the Applicant/Personal Guarantor. The prayer is to initiate the Insolvency Resolution Process in respect of Mr. Sharvesh, being the Personal Guarantor for M/s. Srivisha Infra Pvt. Ltd. ('Corporate Debtor'). M/s. Srivisha Infra Pvt. Ltd. had taken credit facilities from Canara Bank, and the Applicant had given a personal guarantee for the loan. The Corporate Debtor failed to repay the debt, leading to the present application.
Mr. Sharvesh, acting as a personal guarantor for M/s. Srivisha Infra Pvt. Ltd. ('Corporate Debtor'), filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. M/s. Srivisha Infra Pvt. Ltd. had obtained credit facilities from Canara Bank, for which Mr. Sharvesh provided a personal guarantee. The Corporate Debtor defaulted on a debt of Rs. 1,18,28,277/-, with the date of default being 2022-04-29. Canara Bank issued a demand notice dated 2022-04-30 under Section 13(2) of the SARFAESI Act, 2022. Mr. Sharvesh also filed a statement of affairs as on 2023-12-15. The guarantor has served a copy of this application to every Financial Creditor and the Corporate Debtor.
Date of default on the…
Canara Bank issued a…