The State Bank of India initiated insolvency proceedings against Anitha Agarwal, the personal guarantor of Ashok Magnetics Limited, a corporate debtor. Ashok Magnetics Limited had availed credit facilities from a consortium of banks, including State Bank of India, and defaulted on repayment, leading to its classification as NPA on 17.01.2015. CIRP was initiated against the Corporate Debtor on 04.09.2017, followed by liquidation on 09.11.2018. The Financial Creditor filed an application under Section 95 of IBC against the Personal Guarantor, Anitha Agarwal, due to the default. The Respondent raised objections regarding the limitation period, arguing that the application was filed beyond the prescribed period. The Financial Creditor contended that an OTS letter dated
…Ashok Magnetics Limited (AML), initially incorporated as AML Steel Limited on 01.08.2005 and later renamed on 27.04.2015, approached State Bank of India (SBI) for a term loan to purchase a 6-seater aircraft. SBI sanctioned a term loan of Rs. 1.10 Crore on 07.12.2007, secured by the aircraft and personal guarantees from Ashok Agarwal and Anitha Agarwal. AML executed a loan agreement, hypothecation, and pledge agreements on 08.12.2007, along with guarantee deeds from Ashok Agarwal, Anitha Agarwal, and Ashok Memory (India) Pvt Ltd. AML later sought renewal and enhancement of credit facilities, resulting in SBI sanctioning Rs. 25.77 Crores on 18.11.2009. AML and the guarantors executed supplemental agreements on 19.11.2009. Ashok Agarwal, Anitha Agarwal, Ajay Agarwal, and
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Ashok Magnetics Limited…
State Bank of India…
The State Bank of India initiated insolvency proceedings against Anitha Agarwal, the personal guarantor of Ashok Magnetics Limited, a corporate debtor. Ashok Magnetics Limited had availed credit facilities from a consortium of banks, including State Bank of India, and defaulted on repayment, leading to its classification as NPA on 17.01.2015. CIRP was initiated against the Corporate Debtor on 04.09.2017, followed by liquidation on 09.11.2018. The Financial Creditor filed an application under Section 95 of IBC against the Personal Guarantor, Anitha Agarwal, due to the default. The Respondent raised objections regarding the limitation period, arguing that the application was filed beyond the prescribed period. The Financial Creditor contended that an OTS letter dated
…Ashok Magnetics Limited (AML), initially incorporated as AML Steel Limited on 01.08.2005 and later renamed on 27.04.2015, approached State Bank of India (SBI) for a term loan to purchase a 6-seater aircraft. SBI sanctioned a term loan of Rs. 1.10 Crore on 07.12.2007, secured by the aircraft and personal guarantees from Ashok Agarwal and Anitha Agarwal. AML executed a loan agreement, hypothecation, and pledge agreements on 08.12.2007, along with guarantee deeds from Ashok Agarwal, Anitha Agarwal, and Ashok Memory (India) Pvt Ltd. AML later sought renewal and enhancement of credit facilities, resulting in SBI sanctioning Rs. 25.77 Crores on 18.11.2009. AML and the guarantors executed supplemental agreements on 19.11.2009. Ashok Agarwal, Anitha Agarwal, Ajay Agarwal, and
…Ashok Magnetics Limited…
State Bank of India…