The State Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) seeking the commencement of the Insolvency Resolution Process (IRP) against Shri Kanak Biyani, the personal guarantor of the corporate debtor, M/s Saga Automotive (I) Private Limited, for an amount of Rs. 28,36,04,727.55. The application was filed due to the failure of the personal guarantor to repay the debt owed to the financial creditor. The Resolution Professional (RP) was appointed to file a report under Section 99 of the IBC, which recommended the admission of the application.
State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Shri Kanak Biyani, the personal guarantor of M/s Saga Automotive (I) Private Limited, for a debt of Rs. 28,36,04,727.55. The application was based on the failure of the personal guarantor to repay the debt. SBI had extended credit facilities to M/s Saga Automotive (I) Private Limited, for which Shri Kanak Biyani provided a personal guarantee. A demand notice was served on the personal guarantor on 29.06.2020, but no repayment was made. The Resolution Professional (RP) sent communications to the personal guarantor, who admitted to making a partial payment of Rs. 7.25 Crores in 2017 but no further payments. The RP filed a report recommending the admission
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Demand notice served on the Personal Guarantor…
Order passed by the…
The State Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) seeking the commencement of the Insolvency Resolution Process (IRP) against Shri Kanak Biyani, the personal guarantor of the corporate debtor, M/s Saga Automotive (I) Private Limited, for an amount of Rs. 28,36,04,727.55. The application was filed due to the failure of the personal guarantor to repay the debt owed to the financial creditor. The Resolution Professional (RP) was appointed to file a report under Section 99 of the IBC, which recommended the admission of the application.
State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Shri Kanak Biyani, the personal guarantor of M/s Saga Automotive (I) Private Limited, for a debt of Rs. 28,36,04,727.55. The application was based on the failure of the personal guarantor to repay the debt. SBI had extended credit facilities to M/s Saga Automotive (I) Private Limited, for which Shri Kanak Biyani provided a personal guarantee. A demand notice was served on the personal guarantor on 29.06.2020, but no repayment was made. The Resolution Professional (RP) sent communications to the personal guarantor, who admitted to making a partial payment of Rs. 7.25 Crores in 2017 but no further payments. The RP filed a report recommending the admission
…Demand notice served on the Personal Guarantor…
Order passed by the…