The case pertains to an application filed by State Bank of India (erstwhile State Bank of Hyderabad) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate Insolvency Resolution Process against the Personal Guarantor, Shri Brahma Nath Singh, of the Corporate Debtor, Shivani Alloys Steel Casting Ltd. The Corporate Debtor had availed financial assistance of INR 15 Crores from the Financial Creditor, and the Personal Guarantor executed a Guarantee Agreement to secure the repayment. The Corporate Debtor defaulted on its obligations under various Loan Agreements,
…State Bank of India (formerly State Bank of Hyderabad) extended financial assistance of INR 15 Crores to Shivani Alloys Steel Casting Ltd. The loan was secured by a guarantee agreement executed by Shri Brahma Nath Singh, the Personal Guarantor. Shivani Alloys Steel Casting Ltd. defaulted on its loan obligations under loan agreements dated 06.02.2003, 20.09.2004, and 16.04.2008. Consequently, the loan account was declared a Non-Performing Asset (NPA) on 16.04.2012. The Personal Guarantor executed a deed of guarantee on 10.02.2003. The Financial Creditor issued a Form B Demand Notice dated 28.08.2021 to Shri Brahma Nath Singh, requesting him to honor the terms of the guarantee agreement. The Personal Guarantor failed to pay the outstanding amount. The Adjudicating
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The case pertains to an application filed by State Bank of India (erstwhile State Bank of Hyderabad) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate Insolvency Resolution Process against the Personal Guarantor, Shri Brahma Nath Singh, of the Corporate Debtor, Shivani Alloys Steel Casting Ltd. The Corporate Debtor had availed financial assistance of INR 15 Crores from the Financial Creditor, and the Personal Guarantor executed a Guarantee Agreement to secure the repayment. The Corporate Debtor defaulted on its obligations under various Loan Agreements,
…State Bank of India (formerly State Bank of Hyderabad) extended financial assistance of INR 15 Crores to Shivani Alloys Steel Casting Ltd. The loan was secured by a guarantee agreement executed by Shri Brahma Nath Singh, the Personal Guarantor. Shivani Alloys Steel Casting Ltd. defaulted on its loan obligations under loan agreements dated 06.02.2003, 20.09.2004, and 16.04.2008. Consequently, the loan account was declared a Non-Performing Asset (NPA) on 16.04.2012. The Personal Guarantor executed a deed of guarantee on 10.02.2003. The Financial Creditor issued a Form B Demand Notice dated 28.08.2021 to Shri Brahma Nath Singh, requesting him to honor the terms of the guarantee agreement. The Personal Guarantor failed to pay the outstanding amount. The Adjudicating
…One of the Loan Agreements executed between…
The Personal Guarantor executed a deed of…