State Bank of India (Financial Creditor) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Insolvency Resolution Process against Mr. Devendrasinh Ranjitsinh Jadeja, the Personal Guarantor of the Corporate Debtor namely M/s. Yogiraj Ginning and Oil Industries Pvt Ltd. for default of an amount of Rs.24,41,53,898.12/-. Credit facilities were sanctioned to the Corporate Debtor as per letter of arrangement dated 07.01.2012 and renewed periodically. The Respondent executed personal guarantee in favour of the applicant for securing various credit facilities to Corporate Debtor. The Corporate Debtor defaulted, and its account became NPA on 27.09.2018. The applicant issued notice on 14.06.2019 under Section 13(2) of the
…State Bank of India filed an application under Section 95 of the IBC to initiate the Insolvency Resolution Process against Devendrasinh Ranjitsinh Jadeja, the personal guarantor for Yogiraj Ginning and Oil Industries Pvt Ltd, due to a default of Rs. 24,41,53,898.12. Credit facilities were sanctioned to the Corporate Debtor from 07.01.2012 and renewed periodically. The respondent executed a personal guarantee. The Corporate Debtor's account became an NPA on 27.09.2018. A notice was issued under Section 13(2) of the SARFAESI Act on 14.06.2019. An application under Section 7 of IBC against the corporate debtor was admitted, and liquidation is pending. The debt was allegedly due on 25.10.2019, with the default occurring on 24.12.2019. The applicant claimed a revival letter
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Credit facilities were…
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State Bank of India (Financial Creditor) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Insolvency Resolution Process against Mr. Devendrasinh Ranjitsinh Jadeja, the Personal Guarantor of the Corporate Debtor namely M/s. Yogiraj Ginning and Oil Industries Pvt Ltd. for default of an amount of Rs.24,41,53,898.12/-. Credit facilities were sanctioned to the Corporate Debtor as per letter of arrangement dated 07.01.2012 and renewed periodically. The Respondent executed personal guarantee in favour of the applicant for securing various credit facilities to Corporate Debtor. The Corporate Debtor defaulted, and its account became NPA on 27.09.2018. The applicant issued notice on 14.06.2019 under Section 13(2) of the
…State Bank of India filed an application under Section 95 of the IBC to initiate the Insolvency Resolution Process against Devendrasinh Ranjitsinh Jadeja, the personal guarantor for Yogiraj Ginning and Oil Industries Pvt Ltd, due to a default of Rs. 24,41,53,898.12. Credit facilities were sanctioned to the Corporate Debtor from 07.01.2012 and renewed periodically. The respondent executed a personal guarantee. The Corporate Debtor's account became an NPA on 27.09.2018. A notice was issued under Section 13(2) of the SARFAESI Act on 14.06.2019. An application under Section 7 of IBC against the corporate debtor was admitted, and liquidation is pending. The debt was allegedly due on 25.10.2019, with the default occurring on 24.12.2019. The applicant claimed a revival letter
…Credit facilities were…
The Corporate Debtor's…