The case pertains to a Company Petition filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with rule 7(2) of the Insolvency and Bankruptcy Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors Rules, 2019, and regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. The petition was filed by Shimnit India Private Limited (Creditor) for initiating the Insolvency Resolution Process against SRS Bearing Industries (Proprietor Mr. Rajesh D. Vora) Personal Guarantor for Corporate Debtor Rushabh Precision Bearings Limited.
Shimnit India Private Limited filed a Company Petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against SRS Bearings Industries (Proprietor Mr. Rajesh D. Vora), who is the Personal Guarantor for the Corporate Debtor Rushabh Precision Bearings Limited. A statutory notice of demand dated 27.01.2022 was served to the Personal Guarantor, requesting payment of Rs. 22,23,45,748/- due as on 31.12.2021. The Respondent failed to make any payment despite receiving the notice of demand dated 24.02.2022. The Applicant proposed Mr. Chirag Rajendrakumar Shah as the Resolution Professional. A Corporate Insolvency Resolution Process against the Corporate Debtor Rushabh Precision Bearings Limited has already been initiated under Section 7 of the Insolvency and
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A Statutory Notice of Demand was issued to…
SRS Bearings Industries…
The case pertains to a Company Petition filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with rule 7(2) of the Insolvency and Bankruptcy Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors Rules, 2019, and regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. The petition was filed by Shimnit India Private Limited (Creditor) for initiating the Insolvency Resolution Process against SRS Bearing Industries (Proprietor Mr. Rajesh D. Vora) Personal Guarantor for Corporate Debtor Rushabh Precision Bearings Limited.
Shimnit India Private Limited filed a Company Petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against SRS Bearings Industries (Proprietor Mr. Rajesh D. Vora), who is the Personal Guarantor for the Corporate Debtor Rushabh Precision Bearings Limited. A statutory notice of demand dated 27.01.2022 was served to the Personal Guarantor, requesting payment of Rs. 22,23,45,748/- due as on 31.12.2021. The Respondent failed to make any payment despite receiving the notice of demand dated 24.02.2022. The Applicant proposed Mr. Chirag Rajendrakumar Shah as the Resolution Professional. A Corporate Insolvency Resolution Process against the Corporate Debtor Rushabh Precision Bearings Limited has already been initiated under Section 7 of the Insolvency and
…A Statutory Notice of Demand was issued to…
SRS Bearings Industries…