The State Bank of India, through its Stressed Asset Management Branch, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Hitesh S Patel, a personal guarantor to M/s. Prabhat Resources Limited (formerly M/s. Shinago Infrastructure & Resources Limited). Prabhat Resources Limited, the corporate debtor, was ordered to be liquidated by the Tribunal on 23.02.2021. The application seeks to initiate a bankruptcy process against the personal guarantor based on a guarantee agreement dated 27.03.2014, with the date of default stated as 19.02.2016 and the invocation of the personal guarantee on 23.09.2020.
State Bank of India (SBI), through its Stressed Asset Management Branch, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Mr. Hitesh S Patel, who is a personal guarantor to M/s. Prabhat Resources Limited (formerly M/s. Shinago Infrastructure & Resources Limited). Prabhat Resources Limited, the corporate debtor, was ordered to be liquidated by the Tribunal vide order dated 23.02.2021. The application is based on a guarantee agreement dated 27.03.2014. The date of default is stated as 19.02.2016, and the date of invocation of the Personal Guarantee is 23.09.2020, through a Demand Notice in Form B. The applicant relies on the Recovery Certificate and the admission of the Corporate Insolvency Resolution Process of the
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Guarantee Agr…
Date of defa…
The State Bank of India, through its Stressed Asset Management Branch, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Hitesh S Patel, a personal guarantor to M/s. Prabhat Resources Limited (formerly M/s. Shinago Infrastructure & Resources Limited). Prabhat Resources Limited, the corporate debtor, was ordered to be liquidated by the Tribunal on 23.02.2021. The application seeks to initiate a bankruptcy process against the personal guarantor based on a guarantee agreement dated 27.03.2014, with the date of default stated as 19.02.2016 and the invocation of the personal guarantee on 23.09.2020.
State Bank of India (SBI), through its Stressed Asset Management Branch, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Mr. Hitesh S Patel, who is a personal guarantor to M/s. Prabhat Resources Limited (formerly M/s. Shinago Infrastructure & Resources Limited). Prabhat Resources Limited, the corporate debtor, was ordered to be liquidated by the Tribunal vide order dated 23.02.2021. The application is based on a guarantee agreement dated 27.03.2014. The date of default is stated as 19.02.2016, and the date of invocation of the Personal Guarantee is 23.09.2020, through a Demand Notice in Form B. The applicant relies on the Recovery Certificate and the admission of the Corporate Insolvency Resolution Process of the
…Guarantee Agr…
Date of defa…