The State Bank of India initiated insolvency proceedings against Ajay Agarwal, the personal guarantor of the corporate debtor, Ashok Magnetics Limited, under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016. The corporate debtor had availed a term loan of Rs. 1.10 Crore in 2007, with Ashok Agarwal and Anitha Agarwal acting as guarantors. The credit facilities were later renewed and enhanced to Rs. 25.77 Crores in 2009, with all four directors (Ashok Agarwal, Anitha Agarwal, Ajay Agarwal, and Ankit Agarwal) signing supplemental guarantee deeds. The corporate debtor defaulted, leading to its account being classified as NPA on 17.01.2015. CIRP was initiated against the corporate debtor in 2017, followed by liquidation in 2018. The financial creditor filed
…State Bank of India (SBI) extended credit facilities to Ashok Magnetics Limited, with Ajay Agarwal acting as a personal guarantor. The initial loan was for Rs. 1.10 Crore, secured by a guarantee deed dated 08.12.2007. The credit facilities were subsequently enhanced to Rs. 25.77 Crores, with a supplemental guarantee deed executed on 19.11.2009 by all directors, including Ajay Agarwal. Ashok Magnetics Limited defaulted on its payments, leading to its account being classified as NPA on 17.01.2015. The Corporate Debtor gave an OTS letter dated 15.07.2017, offering Rs. 10.50 Crores as a full and final settlement, which was rejected by SBI on 18.07.2017. SBI initiated CIRP against Ashok Magnetics Limited in 2017, followed by liquidation in 2018. SBI then filed an
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State Bank of India…
Ashok Agarwal and…
The State Bank of India initiated insolvency proceedings against Ajay Agarwal, the personal guarantor of the corporate debtor, Ashok Magnetics Limited, under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016. The corporate debtor had availed a term loan of Rs. 1.10 Crore in 2007, with Ashok Agarwal and Anitha Agarwal acting as guarantors. The credit facilities were later renewed and enhanced to Rs. 25.77 Crores in 2009, with all four directors (Ashok Agarwal, Anitha Agarwal, Ajay Agarwal, and Ankit Agarwal) signing supplemental guarantee deeds. The corporate debtor defaulted, leading to its account being classified as NPA on 17.01.2015. CIRP was initiated against the corporate debtor in 2017, followed by liquidation in 2018. The financial creditor filed
…State Bank of India (SBI) extended credit facilities to Ashok Magnetics Limited, with Ajay Agarwal acting as a personal guarantor. The initial loan was for Rs. 1.10 Crore, secured by a guarantee deed dated 08.12.2007. The credit facilities were subsequently enhanced to Rs. 25.77 Crores, with a supplemental guarantee deed executed on 19.11.2009 by all directors, including Ajay Agarwal. Ashok Magnetics Limited defaulted on its payments, leading to its account being classified as NPA on 17.01.2015. The Corporate Debtor gave an OTS letter dated 15.07.2017, offering Rs. 10.50 Crores as a full and final settlement, which was rejected by SBI on 18.07.2017. SBI initiated CIRP against Ashok Magnetics Limited in 2017, followed by liquidation in 2018. SBI then filed an
…State Bank of India…
Ashok Agarwal and…