State Bank of India (Financial Creditor) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Insolvency Resolution Process against Mrs. Aliben Shamlabhai Movaniya, the Personal Guarantor of the Corporate Debtor namely M/s. Yogiraj Ginning and Oil Industries Pvt Ltd. for default of an amount of Rs.24,41,53,898.12. Credit facilities were sanctioned to the Corporate Debtor as per letter of arrangement dated 07.01.2012 and were renewed from time to time. The Respondent executed personal guarantee in favour of the applicant for securing various credit facilities to Corporate Debtor. The Corporate Debtor defaulted in the repayment, hence, its credit facility account becomes Non-Performing Asset (NPA) on 27.09.2018. The
…State Bank of India, the financial creditor, initiated insolvency proceedings against Aliben Shamlabhai Movaniya, the personal guarantor of Yogiraj Ginning and Oil Industries Pvt Ltd, for a default of Rs. 24,41,53,898.12. Credit facilities were sanctioned to the Corporate Debtor from 07.01.2012, and renewed periodically. The respondent executed personal guarantees to secure these facilities. The Corporate Debtor's account became an NPA on 27.09.2018, leading to a SARFAESI notice on 14.06.2019. The applicant also filed an application under Section 7 of the IBC against the corporate debtor, which was admitted. The personal guarantor contested the application, citing limitation issues, discrepancies in the default date, and the absence of a valid revival letter. The RP
…Sign in to view the parties.
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 Insolvency Resolution Process against Mrs. Aliben Shamlabhai Movaniya, the Personal Guarantor of the Corporate Debtor namely M/s. Yogiraj Ginning and Oil Industries Pvt Ltd. for default of an amount of Rs.24,41,53,898.12. Credit facilities were sanctioned to the Corporate Debtor as per letter of arrangement dated 07.01.2012 and were renewed from time to time. The Respondent executed personal guarantee in favour of the applicant for securing various credit facilities to Corporate Debtor. The Corporate Debtor defaulted in the repayment, hence, its credit facility account becomes Non-Performing Asset (NPA) on 27.09.2018. The
…State Bank of India, the financial creditor, initiated insolvency proceedings against Aliben Shamlabhai Movaniya, the personal guarantor of Yogiraj Ginning and Oil Industries Pvt Ltd, for a default of Rs. 24,41,53,898.12. Credit facilities were sanctioned to the Corporate Debtor from 07.01.2012, and renewed periodically. The respondent executed personal guarantees to secure these facilities. The Corporate Debtor's account became an NPA on 27.09.2018, leading to a SARFAESI notice on 14.06.2019. The applicant also filed an application under Section 7 of the IBC against the corporate debtor, which was admitted. The personal guarantor contested the application, citing limitation issues, discrepancies in the default date, and the absence of a valid revival letter. The RP
…Credit facilit…
The Corporate Debtor's…