The State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. A. Vasudevan, who is a personal guarantor for the corporate debtor M/S.Leo Primecomp Private Limited. The corporate insolvency resolution process (CIRP) against the corporate debtor had been initiated earlier. The guarantee agreement was executed on 03.11.2005. The date of default was 21.12.2018, and the personal guarantee was invoked on 01.07.2020 by issuing a demand notice.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016 against Mr. A. Vasudevan, who acted as a personal guarantor for M/S.Leo Primecomp Private Limited, the Corporate Debtor. SBI, represented by its Assistant General Manager, Stressed Asset Management Branch, sought to initiate insolvency proceedings against Mr. Vasudevan due to his guarantee. The Corporate Debtor's CIRP had already been initiated. The Guarantee Agreement was executed on 03.11.2005. The date of default was 21.12.2018, and the invocation of the Personal Guarantee occurred on 01.07.2020 through a Demand Notice. The application was filed to initiate proceedings against the Respondent under Section 95(1) of the Code.
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The Guarantee A…
The date of de…
The State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. A. Vasudevan, who is a personal guarantor for the corporate debtor M/S.Leo Primecomp Private Limited. The corporate insolvency resolution process (CIRP) against the corporate debtor had been initiated earlier. The guarantee agreement was executed on 03.11.2005. The date of default was 21.12.2018, and the personal guarantee was invoked on 01.07.2020 by issuing a demand notice.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016 against Mr. A. Vasudevan, who acted as a personal guarantor for M/S.Leo Primecomp Private Limited, the Corporate Debtor. SBI, represented by its Assistant General Manager, Stressed Asset Management Branch, sought to initiate insolvency proceedings against Mr. Vasudevan due to his guarantee. The Corporate Debtor's CIRP had already been initiated. The Guarantee Agreement was executed on 03.11.2005. The date of default was 21.12.2018, and the invocation of the Personal Guarantee occurred on 01.07.2020 through a Demand Notice. The application was filed to initiate proceedings against the Respondent under Section 95(1) of the Code.
The Guarantee A…
The date of de…