State Bank of India (Financial Creditor) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mrs. Aliben Shamlabhai Movaniya, the Personal Guarantor of the Corporate Debtor, M/s. Yogiraj Ginning and Oil Industries Pvt Ltd, for a default amount of Rs. 24,41,53,898.12. Credit facilities were sanctioned to the Corporate Debtor as per the letter of arrangement dated 07.01.2012 and were renewed periodically. The Respondent executed a personal guarantee in favor of the applicant for securing various credit facilities to the Corporate Debtor. The Corporate Debtor defaulted, leading to its account becoming a Non-Performing Asset (NPA) on 27.09.2018. The applicant issued a notice on
…State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) to initiate the Insolvency Resolution Process (IRP) against Mrs. Aliben Shamlabhai Movaniya, the personal guarantor for M/s. Yogiraj Ginning and Oil Industries Pvt Ltd, due to a default of Rs. 24,41,53,898.12. SBI had sanctioned credit facilities to the Corporate Debtor, which were renewed over time, and Movaniya provided a personal guarantee. The Corporate Debtor's account became an NPA on 27.09.2018. SBI issued a notice under Section 13(2) of the SARFAESI Act on 14.06.2019. The RP recommended initiating IRP against the personal guarantor. Movaniya objected, claiming the application was time-barred, citing a default date of 30.06.2018 in the Information Utility
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Credit facilit…
The Corporate Debtor's…
State Bank of India (Financial Creditor) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mrs. Aliben Shamlabhai Movaniya, the Personal Guarantor of the Corporate Debtor, M/s. Yogiraj Ginning and Oil Industries Pvt Ltd, for a default amount of Rs. 24,41,53,898.12. Credit facilities were sanctioned to the Corporate Debtor as per the letter of arrangement dated 07.01.2012 and were renewed periodically. The Respondent executed a personal guarantee in favor of the applicant for securing various credit facilities to the Corporate Debtor. The Corporate Debtor defaulted, leading to its account becoming a Non-Performing Asset (NPA) on 27.09.2018. The applicant issued a notice on
…State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) to initiate the Insolvency Resolution Process (IRP) against Mrs. Aliben Shamlabhai Movaniya, the personal guarantor for M/s. Yogiraj Ginning and Oil Industries Pvt Ltd, due to a default of Rs. 24,41,53,898.12. SBI had sanctioned credit facilities to the Corporate Debtor, which were renewed over time, and Movaniya provided a personal guarantee. The Corporate Debtor's account became an NPA on 27.09.2018. SBI issued a notice under Section 13(2) of the SARFAESI Act on 14.06.2019. The RP recommended initiating IRP against the personal guarantor. Movaniya objected, claiming the application was time-barred, citing a default date of 30.06.2018 in the Information Utility
…Credit facilit…
The Corporate Debtor's…