The State Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the insolvency resolution process against Mr. Jigar Kumar Kodarlal Patel, who acted as a personal guarantor for credit facilities granted to Swastik Ceracon Limited. The application was prompted by the corporate debtor's failure to pay the outstanding amount, leading the financial creditor to invoke the personal guarantee. The Interim Resolution Professional (IRP) was appointed and filed a report recommending the admission of the application. The respondent raised objections, including arguments about limitation and the location of the debtor and creditor. The applicant refuted these objections, citing the extension of limitation granted by the
…State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016 against Mr. Jigar Kumar Kodarlal Patel, who served as a personal guarantor for credit facilities extended to Swastik Ceracon Limited. The corporate debtor, Swastik Ceracon Limited, defaulted on its payments, leading SBI to invoke the personal guarantee provided by Mr. Patel. The total default amount was Rs. 37,15,26,865.29. SBI had executed a Deed of Guarantee, Agreement of hypothecation of goods, and Deed of Mortgage along with Working Capital Consortium Agreement with the Financial Creditor on 15.03.2016. An order of moratorium was passed against Swastik Ceracon Limited on 15.01.2019. SBI issued a demand notice to Mr. Patel on 22.09.2021 under Rule 7(1)
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Deed of Guarantee, Agreement of hypothecation…
Order of moratorium was…
The State Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the insolvency resolution process against Mr. Jigar Kumar Kodarlal Patel, who acted as a personal guarantor for credit facilities granted to Swastik Ceracon Limited. The application was prompted by the corporate debtor's failure to pay the outstanding amount, leading the financial creditor to invoke the personal guarantee. The Interim Resolution Professional (IRP) was appointed and filed a report recommending the admission of the application. The respondent raised objections, including arguments about limitation and the location of the debtor and creditor. The applicant refuted these objections, citing the extension of limitation granted by the
…State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016 against Mr. Jigar Kumar Kodarlal Patel, who served as a personal guarantor for credit facilities extended to Swastik Ceracon Limited. The corporate debtor, Swastik Ceracon Limited, defaulted on its payments, leading SBI to invoke the personal guarantee provided by Mr. Patel. The total default amount was Rs. 37,15,26,865.29. SBI had executed a Deed of Guarantee, Agreement of hypothecation of goods, and Deed of Mortgage along with Working Capital Consortium Agreement with the Financial Creditor on 15.03.2016. An order of moratorium was passed against Swastik Ceracon Limited on 15.01.2019. SBI issued a demand notice to Mr. Patel on 22.09.2021 under Rule 7(1)
…Deed of Guarantee, Agreement of hypothecation…
Order of moratorium was…