The case involves an application filed by Small Industries Development Bank of India (SIDBI) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of Insolvency Resolution Process against the personal guarantor, Smt. Shilpaben Mukeshkumar Shah, for a default amount of Rs. 17,31,47,306/- in respect of a Deed of Guarantee dated 20.03.2014. The proceedings were initially put on hold due to pending constitutional validity challenges of Sections 94 to 100 of the IBC before the Supreme Court. The Interim Resolution Professional (IRP) was appointed on 01.03.2024 and submitted a report recommending the admission of the Company Petition.
Small Industries Development Bank of India (SIDBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution Process against Smt. Shilpaben Mukeshkumar Shah, the personal guarantor to the corporate debtor, Alps Liesure Holidays Private Limited. The default amount is Rs. 17,31,47,306/-, based on a Deed of Guarantee dated 20.03.2014. SIDBI had granted a term loan of Rs. 780.00 Lakh to Alps Liesure Holidays Private Limited under the Secured Business Loan for MSMEs scheme. The corporate debtor defaulted on 10.11.2016, and the account was classified as NPA on 08.02.2017. SIDBI issued a recall notice on 02.05.2017 and a demand notice under SARFAESI Act on 07.07.2017. The corporate debtor sought rescheduling
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Deed of Guarantee executed by Smt. Shilpaben…
Sanction Letter issued by SIDBI to Alps Liesure…
The case involves an application filed by Small Industries Development Bank of India (SIDBI) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of Insolvency Resolution Process against the personal guarantor, Smt. Shilpaben Mukeshkumar Shah, for a default amount of Rs. 17,31,47,306/- in respect of a Deed of Guarantee dated 20.03.2014. The proceedings were initially put on hold due to pending constitutional validity challenges of Sections 94 to 100 of the IBC before the Supreme Court. The Interim Resolution Professional (IRP) was appointed on 01.03.2024 and submitted a report recommending the admission of the Company Petition.
Small Industries Development Bank of India (SIDBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution Process against Smt. Shilpaben Mukeshkumar Shah, the personal guarantor to the corporate debtor, Alps Liesure Holidays Private Limited. The default amount is Rs. 17,31,47,306/-, based on a Deed of Guarantee dated 20.03.2014. SIDBI had granted a term loan of Rs. 780.00 Lakh to Alps Liesure Holidays Private Limited under the Secured Business Loan for MSMEs scheme. The corporate debtor defaulted on 10.11.2016, and the account was classified as NPA on 08.02.2017. SIDBI issued a recall notice on 02.05.2017 and a demand notice under SARFAESI Act on 07.07.2017. The corporate debtor sought rescheduling
…Deed of Guarantee executed by Smt. Shilpaben…
Sanction Letter issued by SIDBI to Alps Liesure…