The State Bank of India, as the Financial Creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the insolvency resolution process against Mr. Chabildas Shah, the Personal Guarantor, for the recovery of Rs. 291,82,32,430/- including interest as on 31.07.2021. The date of default was stated to be 19.05.2015. The Corporate Debtor, P&S Jeweller Ltd., was already under CIRP under Section 10 of the IBC vide order dated 29.05.2017 and subsequently underwent liquidation process initiated on 30.07.2018. The Financial Creditor had sanctioned various credit facilities to the Corporate Debtor, backed by a Deed of Guarantee dated 22.03.2013 executed by the Personal Guarantors. A demand notice was issued on 19.05.2015
…The State Bank of India (SBI), acting as the Financial Creditor, extended credit facilities to P&S Jeweller Ltd., the Corporate Debtor. These facilities were backed by a personal guarantee provided by Mr. Chabildas Shah. The Corporate Debtor defaulted on its repayment obligations, with the date of default being 19.05.2015. SBI issued a demand notice on 19.05.2015 under Section 13(2) of the SARFAESI Act, seeking repayment of the outstanding dues within 60 days. The Corporate Debtor was admitted into CIRP on 29.05.2017 and subsequently went into liquidation on 30.07.2018. A One Time Settlement (OTS) proposal was submitted by the Corporate Debtor on 05.09.2018. SBI then filed an application under Section 95 of the IBC on 31.08.2021 to initiate insolvency proceedings
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The Corporate Debtor…
State Bank of India…
The State Bank of India, as the Financial Creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the insolvency resolution process against Mr. Chabildas Shah, the Personal Guarantor, for the recovery of Rs. 291,82,32,430/- including interest as on 31.07.2021. The date of default was stated to be 19.05.2015. The Corporate Debtor, P&S Jeweller Ltd., was already under CIRP under Section 10 of the IBC vide order dated 29.05.2017 and subsequently underwent liquidation process initiated on 30.07.2018. The Financial Creditor had sanctioned various credit facilities to the Corporate Debtor, backed by a Deed of Guarantee dated 22.03.2013 executed by the Personal Guarantors. A demand notice was issued on 19.05.2015
…The State Bank of India (SBI), acting as the Financial Creditor, extended credit facilities to P&S Jeweller Ltd., the Corporate Debtor. These facilities were backed by a personal guarantee provided by Mr. Chabildas Shah. The Corporate Debtor defaulted on its repayment obligations, with the date of default being 19.05.2015. SBI issued a demand notice on 19.05.2015 under Section 13(2) of the SARFAESI Act, seeking repayment of the outstanding dues within 60 days. The Corporate Debtor was admitted into CIRP on 29.05.2017 and subsequently went into liquidation on 30.07.2018. A One Time Settlement (OTS) proposal was submitted by the Corporate Debtor on 05.09.2018. SBI then filed an application under Section 95 of the IBC on 31.08.2021 to initiate insolvency proceedings
…The Corporate Debtor…
State Bank of India…