State Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate insolvency proceedings against Shri Girishkumar Jayantibhai Patel, the personal guarantor to a corporate debtor, Swastik Ceracon Limited, due to a default amount of Rs. 37,15,26,865.29. The respondent had executed a Deed of Guarantee, Agreement of hypothecation of goods and assets, and Deed of Mortgage along with Working Capital Consortium Agreement with the Financial Creditor on 15.03.2016. The corporate debtor was admitted into CIRP on 15.01.2019. The Financial Creditor invoked the personal guarantee and issued a demand notice to the Respondent on 22.09.2021. The Interim Resolution Professional (IRP) was appointed on 14.03.2022 and recommended
…State Bank of India (SBI) extended credit facilities to Swastik Ceracon Limited, with Girishkumar Jayantibhai Patel acting as the personal guarantor. Swastik Ceracon Limited defaulted on its payments, leading SBI to initiate Corporate Insolvency Resolution Process (CIRP) against the company. Simultaneously, SBI invoked the personal guarantee against Girishkumar Jayantibhai Patel under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, for a default amount of Rs. 37,15,26,865.29. SBI issued a demand notice to Patel on 22.09.2021. An Interim Resolution Professional (IRP) was appointed, who recommended the admission of the application. Patel raised objections, including arguments about the limitation period and the location of the parties involved. The key
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Respondent entered into a Deed of Guarantee,…
Corporate Debtor /Swastik Ceracon Limited was…
State Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate insolvency proceedings against Shri Girishkumar Jayantibhai Patel, the personal guarantor to a corporate debtor, Swastik Ceracon Limited, due to a default amount of Rs. 37,15,26,865.29. The respondent had executed a Deed of Guarantee, Agreement of hypothecation of goods and assets, and Deed of Mortgage along with Working Capital Consortium Agreement with the Financial Creditor on 15.03.2016. The corporate debtor was admitted into CIRP on 15.01.2019. The Financial Creditor invoked the personal guarantee and issued a demand notice to the Respondent on 22.09.2021. The Interim Resolution Professional (IRP) was appointed on 14.03.2022 and recommended
…State Bank of India (SBI) extended credit facilities to Swastik Ceracon Limited, with Girishkumar Jayantibhai Patel acting as the personal guarantor. Swastik Ceracon Limited defaulted on its payments, leading SBI to initiate Corporate Insolvency Resolution Process (CIRP) against the company. Simultaneously, SBI invoked the personal guarantee against Girishkumar Jayantibhai Patel under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, for a default amount of Rs. 37,15,26,865.29. SBI issued a demand notice to Patel on 22.09.2021. An Interim Resolution Professional (IRP) was appointed, who recommended the admission of the application. Patel raised objections, including arguments about the limitation period and the location of the parties involved. The key
…Respondent entered into a Deed of Guarantee,…
Corporate Debtor /Swastik Ceracon Limited was…