The case pertains to an application filed by State Bank of India (SBI) under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Ms. Aarti Singal, the personal guarantor to the corporate debtor, M/s Bhushan Power and Steel Limited (BPSL). The application seeks initiation of insolvency resolution process against the personal guarantor due to default in repayment of loan facilities availed by BPSL from a consortium of banks, including SBI. The corporate debtor, BPSL, had undergone Corporate Insolvency Resolution Process (CIRP) and a resolution plan was approved. The personal guarantee was invoked by SBI due to the default committed by BPSL. The Adjudicating Authority appointed a Resolution Professional (RP) to submit recommendations regarding the application.
…State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Ms. Aarti Singal, the personal guarantor to the corporate debtor, M/s Bhushan Power and Steel Limited (BPSL). BPSL had availed various loan facilities from a consortium of banks, including SBI. Ms. Aarti Singal had extended personal guarantees for the repayment of these facilities. BPSL committed a default and was admitted into Corporate Insolvency Resolution Process (CIRP) by the Adjudicating Authority. A resolution plan submitted by JSW Steel Limited for BPSL was approved. SBI invoked the personal guarantee due to the default committed by BPSL and served a demand notice on Ms. Aarti Singal. The outstanding dues claimed by SBI were INR 12275,91,01,862/-
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The Petition / Application bearing CP (IB) No.…
The Corporate Debtor, BPSL committed a default…
The case pertains to an application filed by State Bank of India (SBI) under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Ms. Aarti Singal, the personal guarantor to the corporate debtor, M/s Bhushan Power and Steel Limited (BPSL). The application seeks initiation of insolvency resolution process against the personal guarantor due to default in repayment of loan facilities availed by BPSL from a consortium of banks, including SBI. The corporate debtor, BPSL, had undergone Corporate Insolvency Resolution Process (CIRP) and a resolution plan was approved. The personal guarantee was invoked by SBI due to the default committed by BPSL. The Adjudicating Authority appointed a Resolution Professional (RP) to submit recommendations regarding the application.
…State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Ms. Aarti Singal, the personal guarantor to the corporate debtor, M/s Bhushan Power and Steel Limited (BPSL). BPSL had availed various loan facilities from a consortium of banks, including SBI. Ms. Aarti Singal had extended personal guarantees for the repayment of these facilities. BPSL committed a default and was admitted into Corporate Insolvency Resolution Process (CIRP) by the Adjudicating Authority. A resolution plan submitted by JSW Steel Limited for BPSL was approved. SBI invoked the personal guarantee due to the default committed by BPSL and served a demand notice on Ms. Aarti Singal. The outstanding dues claimed by SBI were INR 12275,91,01,862/-
…The Petition / Application bearing CP (IB) No.…
The Corporate Debtor, BPSL committed a default…