This case involves an application filed by State Bank of India (SBI) under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Smt. B. Manohari, who is a personal guarantor to the Corporate Debtor, M/s. Leo Primecomp Private Limited. SBI, as the financial creditor, seeks to initiate insolvency proceedings against the personal guarantor due to the default on credit facilities extended to the Corporate Debtor. The Corporate Debtor was already undergoing Corporate Insolvency Resolution Process (CIRP) initiated by the Tribunal.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Smt. B. Manohari, who is the personal guarantor for the Corporate Debtor, M/s. Leo Primecomp Private Limited. SBI had extended credit facilities to the Corporate Debtor. The Corporate Debtor was already undergoing CIRP initiated by the Tribunal. The Guarantee Agreement was dated 03.11.2005. The date of default was 21.12.2018, and the Personal Guarantee was invoked on 01.07.2020 by issuing a Demand Notice. The CIR Process had been initiated by this Tribunal vide order dated 24.07.2019 in IBA/578/2019.
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The Guarantee A…
The date of de…
This case involves an application filed by State Bank of India (SBI) under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Smt. B. Manohari, who is a personal guarantor to the Corporate Debtor, M/s. Leo Primecomp Private Limited. SBI, as the financial creditor, seeks to initiate insolvency proceedings against the personal guarantor due to the default on credit facilities extended to the Corporate Debtor. The Corporate Debtor was already undergoing Corporate Insolvency Resolution Process (CIRP) initiated by the Tribunal.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Smt. B. Manohari, who is the personal guarantor for the Corporate Debtor, M/s. Leo Primecomp Private Limited. SBI had extended credit facilities to the Corporate Debtor. The Corporate Debtor was already undergoing CIRP initiated by the Tribunal. The Guarantee Agreement was dated 03.11.2005. The date of default was 21.12.2018, and the Personal Guarantee was invoked on 01.07.2020 by issuing a Demand Notice. The CIR Process had been initiated by this Tribunal vide order dated 24.07.2019 in IBA/578/2019.
The Guarantee A…
The date of de…