The case involves an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 by State Bank of India against the personal guarantor, Mr. K. Sreedharan, of M/s. Aqua Designs India Private Limited. CIRP had been initiated against the Corporate Debtor, Aqua Designs India Private Limited, vide order dated 17.10.2018, and subsequently, the Corporate Debtor was ordered for liquidation vide Order of this Tribunal dated 23.12.2019. The application was filed by the Financial Creditor, State Bank of India, due to a default with the date of default being 24.04.2018. The Agreements of Guarantee executed by the Personal Guarantor are placed between pg. no. 44-62 of the typed set filed along with the application. A Demand Notice was issued under Rule 7(1) of
…State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Mr. K. Sreedharan, the personal guarantor of M/s. Aqua Designs India Private Limited. Aqua Designs India Private Limited, the Corporate Debtor, was already undergoing CIRP initiated on 17.10.2018 and was subsequently ordered for liquidation on 23.12.2019. The date of default was 24.04.2018. Agreements of Guarantee executed by the Personal Guarantor were submitted with the application. A demand notice was issued to the Personal Guarantor on 28.05.2021. The application was filed to initiate proceedings against the Respondent under Section 95(1) of the IBC, 2016. The NCLAT had previously held that the Adjudicating Authority must act on applications filed under
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CIRP was initiated…
Aqua Designs India…
The case involves an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 by State Bank of India against the personal guarantor, Mr. K. Sreedharan, of M/s. Aqua Designs India Private Limited. CIRP had been initiated against the Corporate Debtor, Aqua Designs India Private Limited, vide order dated 17.10.2018, and subsequently, the Corporate Debtor was ordered for liquidation vide Order of this Tribunal dated 23.12.2019. The application was filed by the Financial Creditor, State Bank of India, due to a default with the date of default being 24.04.2018. The Agreements of Guarantee executed by the Personal Guarantor are placed between pg. no. 44-62 of the typed set filed along with the application. A Demand Notice was issued under Rule 7(1) of
…State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Mr. K. Sreedharan, the personal guarantor of M/s. Aqua Designs India Private Limited. Aqua Designs India Private Limited, the Corporate Debtor, was already undergoing CIRP initiated on 17.10.2018 and was subsequently ordered for liquidation on 23.12.2019. The date of default was 24.04.2018. Agreements of Guarantee executed by the Personal Guarantor were submitted with the application. A demand notice was issued to the Personal Guarantor on 28.05.2021. The application was filed to initiate proceedings against the Respondent under Section 95(1) of the IBC, 2016. The NCLAT had previously held that the Adjudicating Authority must act on applications filed under
…CIRP was initiated…
Aqua Designs India…