The application was filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Guarantors) Rules, 2019. State Bank of India, represented by its Assistant General Manager, Stressed Asset Management Branch, filed the application against Smt. D. Shanti, who is the personal guarantor of the corporate debtor, M/s. Leo Primecomp Private Limited. The CIRP process against the corporate debtor was initiated earlier by the Tribunal. The Guarantee Agreement was executed on 03.11.2005. The date of default was 21.12.2018, and the personal guarantee was invoked on 01.07.2020.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016 against Smt. D. Shanti, 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 Insolvency Resolution Process (CIRP) against the corporate debtor had already been initiated by the Tribunal. A guarantee agreement was executed on 03.11.2005. The date of default was 21.12.2018, and the personal guarantee was invoked on 01.07.2020. The application was filed to initiate proceedings against the respondent under Section 95(1) of the IBC. The Hon'ble NCLAT has held that once an application under Section 95 of IBC, 2016 is filed, the Adjudicating
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The application was filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Guarantors) Rules, 2019. State Bank of India, represented by its Assistant General Manager, Stressed Asset Management Branch, filed the application against Smt. D. Shanti, who is the personal guarantor of the corporate debtor, M/s. Leo Primecomp Private Limited. The CIRP process against the corporate debtor was initiated earlier by the Tribunal. The Guarantee Agreement was executed on 03.11.2005. The date of default was 21.12.2018, and the personal guarantee was invoked on 01.07.2020.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016 against Smt. D. Shanti, 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 Insolvency Resolution Process (CIRP) against the corporate debtor had already been initiated by the Tribunal. A guarantee agreement was executed on 03.11.2005. The date of default was 21.12.2018, and the personal guarantee was invoked on 01.07.2020. The application was filed to initiate proceedings against the respondent under Section 95(1) of the IBC. The Hon'ble NCLAT has held that once an application under Section 95 of IBC, 2016 is filed, the Adjudicating
…Guarantee Agr…
The date of de…