The case involves a company petition filed by State Bank of India (SBI) under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC), read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The petition seeks to initiate an Individual Insolvency Resolution Process (IRP) against Mr. Balaji Shrirangrao Chaudhary, who acted as a personal guarantor for a debt owed by Gajanan Oil Private Limited (Corporate Debtor). An application under Section 9 of the Code by M/s Ashapura Perfoclay Ltd. (Operational Creditor) was admitted against Gajanan Oil Private Ltd. on 06.05.2019. The debt given by SBI to the Corporate Debtor was admitted as financial
…State Bank of India (SBI) filed a company petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Balaji Shrirangrao Chaudhary, who acted as a personal guarantor for a debt owed by Gajanan Oil Private Limited (Corporate Debtor). The Corporate Debtor was already undergoing liquidation. A demand notice was issued to Mr. Chaudhary on 17.09.2021, claiming an outstanding amount of Rs. 93,47,90,614.65 as of 31.08.2021. The demand notice was served on 21.09.2021, but Mr. Chaudhary did not respond. The debt was originally extended to the Corporate Debtor, Gajanan Oil Private Limited, by SBI. Mr. Chaudhary stood as a personal guarantor as per the Deed of Guarantee executed on 07.09.2016. The application against Gajanan Oil Private Ltd. was admitted on
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An application filed under Section 9 of the…
The C.P. No. 3504/I&BP/2018 was admitted…
The case involves a company petition filed by State Bank of India (SBI) under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC), read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The petition seeks to initiate an Individual Insolvency Resolution Process (IRP) against Mr. Balaji Shrirangrao Chaudhary, who acted as a personal guarantor for a debt owed by Gajanan Oil Private Limited (Corporate Debtor). An application under Section 9 of the Code by M/s Ashapura Perfoclay Ltd. (Operational Creditor) was admitted against Gajanan Oil Private Ltd. on 06.05.2019. The debt given by SBI to the Corporate Debtor was admitted as financial
…State Bank of India (SBI) filed a company petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Balaji Shrirangrao Chaudhary, who acted as a personal guarantor for a debt owed by Gajanan Oil Private Limited (Corporate Debtor). The Corporate Debtor was already undergoing liquidation. A demand notice was issued to Mr. Chaudhary on 17.09.2021, claiming an outstanding amount of Rs. 93,47,90,614.65 as of 31.08.2021. The demand notice was served on 21.09.2021, but Mr. Chaudhary did not respond. The debt was originally extended to the Corporate Debtor, Gajanan Oil Private Limited, by SBI. Mr. Chaudhary stood as a personal guarantor as per the Deed of Guarantee executed on 07.09.2016. The application against Gajanan Oil Private Ltd. was admitted on
…An application filed under Section 9 of the…
The C.P. No. 3504/I&BP/2018 was admitted…