The case pertains to an application filed by State Bank of India (SBI) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Insolvency Resolution Process (IRP) against Mr. Hiren Patel, who is a personal guarantor to M/s. Archon Engicon Limited, the Corporate Debtor. The application arises from a default of Rs. 341,71,10,539/- in respect of a Deed of Guarantee. The Corporate Debtor had availed loan facilities from SBI, and Mr. Patel stood as a personal guarantor. After the Corporate Debtor defaulted, SBI filed an application to initiate IRP against Mr. Patel as the personal guarantor.
State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution Process (IRP) against Mr. Hiren Patel, a personal guarantor to M/s. Archon Engicon Limited (Corporate Debtor). The Corporate Debtor defaulted on loan facilities obtained from SBI, leading to a debt of Rs. 341,71,10,539/-. Mr. Patel had executed a Deed of Guarantee in favor of SBI. The account of the Corporate Debtor was declared a Non-Performing Asset (NPA) on 01.02.2016. SBI initiated proceedings before the Debts Recovery Tribunal (DRT), which passed an order on 03.08.2021 in favor of SBI. SBI issued a demand notice to Mr. Patel on 15.12.2021, seeking repayment of the debt. Mr. Patel raised objections, including
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Deed of Guarantee…
Account of the…
The case pertains to an application filed by State Bank of India (SBI) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Insolvency Resolution Process (IRP) against Mr. Hiren Patel, who is a personal guarantor to M/s. Archon Engicon Limited, the Corporate Debtor. The application arises from a default of Rs. 341,71,10,539/- in respect of a Deed of Guarantee. The Corporate Debtor had availed loan facilities from SBI, and Mr. Patel stood as a personal guarantor. After the Corporate Debtor defaulted, SBI filed an application to initiate IRP against Mr. Patel as the personal guarantor.
State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution Process (IRP) against Mr. Hiren Patel, a personal guarantor to M/s. Archon Engicon Limited (Corporate Debtor). The Corporate Debtor defaulted on loan facilities obtained from SBI, leading to a debt of Rs. 341,71,10,539/-. Mr. Patel had executed a Deed of Guarantee in favor of SBI. The account of the Corporate Debtor was declared a Non-Performing Asset (NPA) on 01.02.2016. SBI initiated proceedings before the Debts Recovery Tribunal (DRT), which passed an order on 03.08.2021 in favor of SBI. SBI issued a demand notice to Mr. Patel on 15.12.2021, seeking repayment of the debt. Mr. Patel raised objections, including
…Deed of Guarantee…
Account of the…