The case involves an application filed by the State Bank of India (SBI) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Deepak Kumar Singhania, a personal guarantor to LML Limited (Corporate Debtor). SBI sought to initiate the Personal Insolvency Resolution Process (PIRP) against Singhania due to the corporate debtor's default on credit facilities. SBI had initially sanctioned financial assistance to LML Limited in 1996, and Singhania provided personal guarantees to secure these liabilities. LML Limited's account was classified as NPA in 2004, and a multi-partite agreement was executed in 2005 to facilitate loan repayment. The CIRP against LML Limited was admitted in 2017, and the company is currently under liquidation. SBI issued a demand
…State Bank of India (SBI) sanctioned financial assistance to M/s LML Limited (Corporate Debtor) in 1996, including a term loan of Rs. 20 crores and a foreign currency credit facility equivalent to Rs. 5 crores. SBI also provided working capital facilities amounting to Rs. 95.50 crores in 2002. Deepak Kumar Singhania stood as a personal guarantor for the credit facilities availed by LML Limited. LML Limited defaulted on repayment, leading to its account being classified as a Non-Performing Asset (NPA) on 31.03.2004. A multi-partite agreement was executed on 28.03.2005 to facilitate loan repayment. LML Limited's CIRP was admitted on 30.05.2017, and it is currently under liquidation. SBI issued a demand notice to Singhania on 04.05.2022 for Rs. 125,05,28,848.56, but he
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SBI initially sanctioned financial assistance…
SBI provided working…
The case involves an application filed by the State Bank of India (SBI) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Deepak Kumar Singhania, a personal guarantor to LML Limited (Corporate Debtor). SBI sought to initiate the Personal Insolvency Resolution Process (PIRP) against Singhania due to the corporate debtor's default on credit facilities. SBI had initially sanctioned financial assistance to LML Limited in 1996, and Singhania provided personal guarantees to secure these liabilities. LML Limited's account was classified as NPA in 2004, and a multi-partite agreement was executed in 2005 to facilitate loan repayment. The CIRP against LML Limited was admitted in 2017, and the company is currently under liquidation. SBI issued a demand
…State Bank of India (SBI) sanctioned financial assistance to M/s LML Limited (Corporate Debtor) in 1996, including a term loan of Rs. 20 crores and a foreign currency credit facility equivalent to Rs. 5 crores. SBI also provided working capital facilities amounting to Rs. 95.50 crores in 2002. Deepak Kumar Singhania stood as a personal guarantor for the credit facilities availed by LML Limited. LML Limited defaulted on repayment, leading to its account being classified as a Non-Performing Asset (NPA) on 31.03.2004. A multi-partite agreement was executed on 28.03.2005 to facilitate loan repayment. LML Limited's CIRP was admitted on 30.05.2017, and it is currently under liquidation. SBI issued a demand notice to Singhania on 04.05.2022 for Rs. 125,05,28,848.56, but he
…SBI initially sanctioned financial assistance…
SBI provided working…