The State Bank of India, acting as the Financial Creditor, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate an Insolvency Resolution Process against Mr. Awaiz Ahamed, the Personal Guarantor for credit facilities extended to M/s. Scotts Garments Limited, the Corporate Debtor. The Corporate Debtor had previously undergone Corporate Insolvency Resolution Process (CIRP) initiated by an Operational Creditor, M/s. Saravana Distributors, which was admitted on 13.08.2018, and a resolution plan was approved on 16.09.2019. However, the Resolution Applicant failed to comply with the Resolution Plan. The Financial Creditor invoked the Personal Guarantee of Mr. Awaiz Ahamed and issued a demand notice, which the Guarantor
…State Bank of India (SBI), the Financial Creditor, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution Process against Mr. Awaiz Ahamed, the Personal Guarantor. Mr. Awaiz Ahamed had provided a personal guarantee for credit facilities extended by SBI to M/s. Scotts Garments Limited, the Corporate Debtor. The Corporate Debtor had previously undergone Corporate Insolvency Resolution Process (CIRP) initiated by M/s. Saravana Distributors, an Operational Creditor. The CIRP was admitted on 13.08.2018, and a resolution plan was approved on 16.09.2019. However, the Resolution Applicant failed to comply with the Resolution Plan. SBI invoked the Personal Guarantee of Mr. Awaiz Ahamed by issuing a
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M/s. Scotts Garments…
Corporate Insolvency…
The State Bank of India, acting as the Financial Creditor, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate an Insolvency Resolution Process against Mr. Awaiz Ahamed, the Personal Guarantor for credit facilities extended to M/s. Scotts Garments Limited, the Corporate Debtor. The Corporate Debtor had previously undergone Corporate Insolvency Resolution Process (CIRP) initiated by an Operational Creditor, M/s. Saravana Distributors, which was admitted on 13.08.2018, and a resolution plan was approved on 16.09.2019. However, the Resolution Applicant failed to comply with the Resolution Plan. The Financial Creditor invoked the Personal Guarantee of Mr. Awaiz Ahamed and issued a demand notice, which the Guarantor
…State Bank of India (SBI), the Financial Creditor, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution Process against Mr. Awaiz Ahamed, the Personal Guarantor. Mr. Awaiz Ahamed had provided a personal guarantee for credit facilities extended by SBI to M/s. Scotts Garments Limited, the Corporate Debtor. The Corporate Debtor had previously undergone Corporate Insolvency Resolution Process (CIRP) initiated by M/s. Saravana Distributors, an Operational Creditor. The CIRP was admitted on 13.08.2018, and a resolution plan was approved on 16.09.2019. However, the Resolution Applicant failed to comply with the Resolution Plan. SBI invoked the Personal Guarantee of Mr. Awaiz Ahamed by issuing a
…M/s. Scotts Garments…
Corporate Insolvency…