The application was filed by State Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to initiate Insolvency Resolution Process against Mr. Awaiz Ahamed, the Personal Guarantor for the credit facilities extended to the Corporate Debtor, M/s. Scotts Garments Limited. The Financial Creditor had executed various credit facilities in favor of the Corporate Debtor for which the Respondent stood as the Personal Guarantor. The Corporate Debtor failed to repay the credit facilities. An application was initiated under Section 9 of IBC, 2016 r/w Rule 6 of Insolvency and
…State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Awaiz Ahamed, who is the Personal Guarantor for credit facilities extended by the Applicant to the Corporate Debtor, M/s. Scotts Garments Limited. The Financial Creditor had extended credit facilities to the Corporate Debtor, and the Respondent stood as the Personal Guarantor. The Corporate Debtor defaulted in repaying the credit facilities. An earlier CIRP against the Corporate Debtor, CP(IB) No.68/BB/2018, was admitted on 13.08.2018, and a moratorium was imposed. A Resolution Plan was approved on 16.09.2019, but the Resolution Applicant failed to comply with the Resolution Plan. The Financial Creditor invoked the Personal Guarantee of Mr. Awaiz Ahamed
…Sign in to view the parties.
CP(IB) No.68/BB/2018 against M/s. Saravana…
The Tribunal approved…
The application was filed by State Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to initiate Insolvency Resolution Process against Mr. Awaiz Ahamed, the Personal Guarantor for the credit facilities extended to the Corporate Debtor, M/s. Scotts Garments Limited. The Financial Creditor had executed various credit facilities in favor of the Corporate Debtor for which the Respondent stood as the Personal Guarantor. The Corporate Debtor failed to repay the credit facilities. An application was initiated under Section 9 of IBC, 2016 r/w Rule 6 of Insolvency and
…State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Awaiz Ahamed, who is the Personal Guarantor for credit facilities extended by the Applicant to the Corporate Debtor, M/s. Scotts Garments Limited. The Financial Creditor had extended credit facilities to the Corporate Debtor, and the Respondent stood as the Personal Guarantor. The Corporate Debtor defaulted in repaying the credit facilities. An earlier CIRP against the Corporate Debtor, CP(IB) No.68/BB/2018, was admitted on 13.08.2018, and a moratorium was imposed. A Resolution Plan was approved on 16.09.2019, but the Resolution Applicant failed to comply with the Resolution Plan. The Financial Creditor invoked the Personal Guarantee of Mr. Awaiz Ahamed
…CP(IB) No.68/BB/2018 against M/s. Saravana…
The Tribunal approved…