The State Bank of India, acting as the Financial Creditor, initiated a Company Petition under Section 123 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to commence bankruptcy proceedings against Mr. Ankit B. Parikh, the Personal Guarantor of Parikh Fabrics Private Limited, the Corporate Debtor. The Corporate Debtor had availed financial assistance and subsequently defaulted, leading to its account being declared NPA on 30.08.2011. Despite an opportunity for a one-time settlement (OTS) in 2016, the Corporate Debtor failed to adhere to the terms, resulting in the cancellation of the OTS. A demand notice
…State Bank of India (SBI) extended financial assistance to Parikh Fabrics Private Limited (Corporate Debtor). Mr. Ankit B. Parikh stood as the personal guarantor for the Corporate Debtor. The Corporate Debtor defaulted on its repayment obligations, leading to its account being classified as a Non-Performing Asset (NPA) on August 30, 2011. SBI provided an opportunity for a One-Time Settlement (OTS) in 2016, but the Corporate Debtor failed to comply with the OTS terms. SBI issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on July 31, 2013, and filed OA No. 188/2014 before the Debts Recovery Tribunal, Hyderabad, to recover outstanding dues. Liquidation proceedings against the Corporate Debtor were initiated under Section 10 of the Insolvency and
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The State Bank of India, acting as the Financial Creditor, initiated a Company Petition under Section 123 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to commence bankruptcy proceedings against Mr. Ankit B. Parikh, the Personal Guarantor of Parikh Fabrics Private Limited, the Corporate Debtor. The Corporate Debtor had availed financial assistance and subsequently defaulted, leading to its account being declared NPA on 30.08.2011. Despite an opportunity for a one-time settlement (OTS) in 2016, the Corporate Debtor failed to adhere to the terms, resulting in the cancellation of the OTS. A demand notice
…State Bank of India (SBI) extended financial assistance to Parikh Fabrics Private Limited (Corporate Debtor). Mr. Ankit B. Parikh stood as the personal guarantor for the Corporate Debtor. The Corporate Debtor defaulted on its repayment obligations, leading to its account being classified as a Non-Performing Asset (NPA) on August 30, 2011. SBI provided an opportunity for a One-Time Settlement (OTS) in 2016, but the Corporate Debtor failed to comply with the OTS terms. SBI issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on July 31, 2013, and filed OA No. 188/2014 before the Debts Recovery Tribunal, Hyderabad, to recover outstanding dues. Liquidation proceedings against the Corporate Debtor were initiated under Section 10 of the Insolvency and
…The account of the…
An opportunity was given to the Corporate…