The case involves an application filed by the Resolution Professional (RP) under Section 99(1) read with Section 99(7) of the Insolvency and Bankruptcy Code, 2016 (IBC), recommending the admission of an application filed by State Bank of India (SBI) under Section 95 of the Code for initiating the Insolvency Resolution Process (IRP) against the Personal Guarantor, Mr. Hemant Bohra, of the Corporate Debtor, M/s Bohra Industries Limited. SBI had extended credit facilities to the Corporate Debtor, for which Mr. Hemant Bohra provided a personal guarantee. The Corporate Debtor defaulted on repayment, leading SBI to serve a demand notice under Section 13 of SARFAESI, 2002. The RP was appointed to file a report under Section 99 of the IBC. The Personal Guarantor has contested
…State Bank of India (SBI) extended credit facilities to M/s Bohra Industries Limited, for which Mr. Hemant Bohra provided a personal guarantee. The Corporate Debtor defaulted on repayment of the availed credit facility. SBI served a demand notice dated 09.05.2019 under Section 13 of SARFAESI, 2002, to the Corporate Debtor and the Personal Guarantor, demanding repayment of Rs. 68.50 Crores with interest. The Adjudicating Authority admitted an application filed by one of the creditors of the Corporate Debtor under Section 7 of the Code on 07.08.2019, appointing an IRP. SBI filed a claim of Rs. 70.72 Crores. The RP issued a Demand Notice dated 25.08.2020. The Personal Guarantor acknowledged the existence of debt in a virtual meeting on 19.06.2021. The Corporate Debtor,
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SBI served a demand notice under Section 13 of…
Adjudicating Authority admitted an…
The case involves an application filed by the Resolution Professional (RP) under Section 99(1) read with Section 99(7) of the Insolvency and Bankruptcy Code, 2016 (IBC), recommending the admission of an application filed by State Bank of India (SBI) under Section 95 of the Code for initiating the Insolvency Resolution Process (IRP) against the Personal Guarantor, Mr. Hemant Bohra, of the Corporate Debtor, M/s Bohra Industries Limited. SBI had extended credit facilities to the Corporate Debtor, for which Mr. Hemant Bohra provided a personal guarantee. The Corporate Debtor defaulted on repayment, leading SBI to serve a demand notice under Section 13 of SARFAESI, 2002. The RP was appointed to file a report under Section 99 of the IBC. The Personal Guarantor has contested
…State Bank of India (SBI) extended credit facilities to M/s Bohra Industries Limited, for which Mr. Hemant Bohra provided a personal guarantee. The Corporate Debtor defaulted on repayment of the availed credit facility. SBI served a demand notice dated 09.05.2019 under Section 13 of SARFAESI, 2002, to the Corporate Debtor and the Personal Guarantor, demanding repayment of Rs. 68.50 Crores with interest. The Adjudicating Authority admitted an application filed by one of the creditors of the Corporate Debtor under Section 7 of the Code on 07.08.2019, appointing an IRP. SBI filed a claim of Rs. 70.72 Crores. The RP issued a Demand Notice dated 25.08.2020. The Personal Guarantor acknowledged the existence of debt in a virtual meeting on 19.06.2021. The Corporate Debtor,
…SBI served a demand notice under Section 13 of…
Adjudicating Authority admitted an…