The State Bank of India filed an application under Section 95 of the IBC, 2016, seeking to initiate the Insolvency Resolution (IR) process against Sh. Jagtar Singh, the Respondent. The Applicant's counsel stated that the guarantee in question was invoked via a letter dated 19.12.2016. The applicant also issued a demand notice to the respondent, which was duly served.
The State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution (IR) process against Sh. Jagtar Singh, the Respondent, who is a personal guarantor. SBI invoked the guarantee via a letter dated 19.12.2016 and served a demand notice to the Respondent. 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 (RP) to examine the application and make recommendations. The relevance of the guarantee invocation and demand notice is to establish the debt and default, triggering the insolvency process. The interim moratorium is crucial as it provides a standstill period to allow the
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The guarantee in issue…
Order delivered on…
The State Bank of India filed an application under Section 95 of the IBC, 2016, seeking to initiate the Insolvency Resolution (IR) process against Sh. Jagtar Singh, the Respondent. The Applicant's counsel stated that the guarantee in question was invoked via a letter dated 19.12.2016. The applicant also issued a demand notice to the respondent, which was duly served.
The State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution (IR) process against Sh. Jagtar Singh, the Respondent, who is a personal guarantor. SBI invoked the guarantee via a letter dated 19.12.2016 and served a demand notice to the Respondent. 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 (RP) to examine the application and make recommendations. The relevance of the guarantee invocation and demand notice is to establish the debt and default, triggering the insolvency process. The interim moratorium is crucial as it provides a standstill period to allow the
…The guarantee in issue…
Order delivered on…