The State Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Smt. Chandra R Jain, the personal guarantor of RE Cables and Conductors Private Limited, seeking initiation of the Individual Insolvency Resolution Process (IR Process). RE Cables and Conductors Private Limited, the corporate debtor, had been granted credit facilities aggregating to Rs. 59.80 crores by the State Bank of India. The corporate debtor defaulted on its obligations, leading to the classification of its account as NPA. The Financial Creditor issued demand notices to the personal guarantor, but received no response. The Corporate Insolvency Resolution Process (CIRP) had already been initiated against the corporate debtor, RE Cables and Conductors Pvt
…State Bank of India (SBI) extended credit facilities to RE Cables and Conductors Pvt Ltd, amounting to Rs. 59.80 crores. Smt. Chandra R Jain acted as the personal guarantor for these facilities. RE Cables and Conductors Pvt Ltd defaulted on its repayment obligations, leading SBI to classify the account as a Non-Performing Asset (NPA) on 28.12.2017. SBI initiated recovery proceedings under the SARFAESI Act, 2002, on 09.07.2018. The corporate debtor offered a One-Time Settlement (OTS), which SBI declined on 31.08.2018. SBI filed OA 874/2018 before the DRT, Hyderabad, which resulted in an ex-parte order dated 21.11.2019 against the guarantors, including Smt. Chandra R Jain. A Recovery Certificate was issued on 11.12.2019. CIRP was initiated against RE Cables and
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The account of RE Cables and Conductors Pvt Ltd…
State Bank of India…
The State Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Smt. Chandra R Jain, the personal guarantor of RE Cables and Conductors Private Limited, seeking initiation of the Individual Insolvency Resolution Process (IR Process). RE Cables and Conductors Private Limited, the corporate debtor, had been granted credit facilities aggregating to Rs. 59.80 crores by the State Bank of India. The corporate debtor defaulted on its obligations, leading to the classification of its account as NPA. The Financial Creditor issued demand notices to the personal guarantor, but received no response. The Corporate Insolvency Resolution Process (CIRP) had already been initiated against the corporate debtor, RE Cables and Conductors Pvt
…State Bank of India (SBI) extended credit facilities to RE Cables and Conductors Pvt Ltd, amounting to Rs. 59.80 crores. Smt. Chandra R Jain acted as the personal guarantor for these facilities. RE Cables and Conductors Pvt Ltd defaulted on its repayment obligations, leading SBI to classify the account as a Non-Performing Asset (NPA) on 28.12.2017. SBI initiated recovery proceedings under the SARFAESI Act, 2002, on 09.07.2018. The corporate debtor offered a One-Time Settlement (OTS), which SBI declined on 31.08.2018. SBI filed OA 874/2018 before the DRT, Hyderabad, which resulted in an ex-parte order dated 21.11.2019 against the guarantors, including Smt. Chandra R Jain. A Recovery Certificate was issued on 11.12.2019. CIRP was initiated against RE Cables and
…The account of RE Cables and Conductors Pvt Ltd…
State Bank of India…