The case involves an application filed by the State Bank of India (SBI) under Section 95 read with Rule 7(2) of the IBC, seeking to initiate the Insolvency Resolution Process against Farah Khan, the Respondent/Guarantor, who acted as a personal guarantor for the loan facility availed by M/s. Multiwal Pulp and Board Mills Private Limited. The corporate debtor had already undergone a Resolution Plan approved by the CoC. SBI filed the application due to the corporate debtor's failure to adhere to financial discipline and the subsequent failure of the guarantors to repay the outstanding amount despite a legal demand notice. An Original Application was also filed before the Debts Recovery Tribunal, DRT-II, New Delhi, which is pending.
M/s. Multiwal Pulp and Board Mills Private Limited obtained loan facilities from State Bank of India (SBI). Farah Khan acted as a personal guarantor for the loan. The Corporate Debtor failed to adhere to financial discipline, leading to irregular conduct of the loan facilities. SBI issued a legal demand notice on 07.08.2018 to the Corporate Debtor and the Guarantors, demanding repayment of the outstanding amount. The Corporate Debtor and Guarantors failed to liquidate the outstanding amount. SBI filed an Original Application against the Corporate Debtor and the Guarantors before the Debts Recovery Tribunal, DRT-II, New Delhi, which is currently pending. In 2017, the Corporate Debtor and Farah Khan approached SBI for a settlement, which SBI accepted on 14.03.2017. The
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SBI sent a Legal Demand…
Corporate Debtor and…
The case involves an application filed by the State Bank of India (SBI) under Section 95 read with Rule 7(2) of the IBC, seeking to initiate the Insolvency Resolution Process against Farah Khan, the Respondent/Guarantor, who acted as a personal guarantor for the loan facility availed by M/s. Multiwal Pulp and Board Mills Private Limited. The corporate debtor had already undergone a Resolution Plan approved by the CoC. SBI filed the application due to the corporate debtor's failure to adhere to financial discipline and the subsequent failure of the guarantors to repay the outstanding amount despite a legal demand notice. An Original Application was also filed before the Debts Recovery Tribunal, DRT-II, New Delhi, which is pending.
M/s. Multiwal Pulp and Board Mills Private Limited obtained loan facilities from State Bank of India (SBI). Farah Khan acted as a personal guarantor for the loan. The Corporate Debtor failed to adhere to financial discipline, leading to irregular conduct of the loan facilities. SBI issued a legal demand notice on 07.08.2018 to the Corporate Debtor and the Guarantors, demanding repayment of the outstanding amount. The Corporate Debtor and Guarantors failed to liquidate the outstanding amount. SBI filed an Original Application against the Corporate Debtor and the Guarantors before the Debts Recovery Tribunal, DRT-II, New Delhi, which is currently pending. In 2017, the Corporate Debtor and Farah Khan approached SBI for a settlement, which SBI accepted on 14.03.2017. The
…SBI sent a Legal Demand…
Corporate Debtor and…