The State Bank of India filed an application under Section 95 of the IBC, 2016, seeking to initiate an insolvency resolution process against Sh. Hardeep Singh. The applicant also sought the appointment of a Resolution Professional (RP). The applicant stated that the guarantee in question was invoked via a letter dated 2016-12-19. The applicant also submitted that a demand notice was issued to the respondent and duly served.
The State Bank of India filed an application under Section 95 of the IBC, 2016, to initiate an insolvency resolution process against Sh. Hardeep Singh, who is the personal guarantor. The bank had invoked the guarantee via a letter dated 2016-12-19 and served a demand notice to the guarantor. Upon filing the application, an interim moratorium commenced as per Section 96(1)(a) of the IBC. The court appointed Mr. Vivek Parti as the Resolution Professional to examine the application and make recommendations. The relevance of these facts is to determine whether the insolvency process should be initiated against the personal guarantor.
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The guarantee in issue…
Order delive…
The State Bank of India filed an application under Section 95 of the IBC, 2016, seeking to initiate an insolvency resolution process against Sh. Hardeep Singh. The applicant also sought the appointment of a Resolution Professional (RP). The applicant stated that the guarantee in question was invoked via a letter dated 2016-12-19. The applicant also submitted that a demand notice was issued to the respondent and duly served.
The State Bank of India filed an application under Section 95 of the IBC, 2016, to initiate an insolvency resolution process against Sh. Hardeep Singh, who is the personal guarantor. The bank had invoked the guarantee via a letter dated 2016-12-19 and served a demand notice to the guarantor. Upon filing the application, an interim moratorium commenced as per Section 96(1)(a) of the IBC. The court appointed Mr. Vivek Parti as the Resolution Professional to examine the application and make recommendations. The relevance of these facts is to determine whether the insolvency process should be initiated against the personal guarantor.
The guarantee in issue…
Order delive…