The State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mr. M.S. Sriharsha, the personal guarantor for credit facilities extended to the Corporate Debtor, M/s. Sura Leathers Private Limited. The Corporate Debtor was classified as a Non-Performing Asset on 28.12.2017 after failing to repay the credit facilities. An earlier Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor by Vansun Intermediaries Pvt. Ltd. which was admitted on 31.05.2019, and a moratorium was imposed. The CIRP resulted in failure, and liquidation was ordered on 25.02.2020, which is currently pending. The Applicant Bank issued a Demand Notice on
…State Bank of India (SBI) extended credit facilities to M/s. Sura Leathers Private Limited ('Corporate Debtor'). Mr. M.S. Sriharsha acted as the personal guarantor for these facilities. The Corporate Debtor defaulted on its repayment obligations, leading SBI to classify the account as a Non-Performing Asset (NPA) on 28.12.2017. An earlier Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor by Vansun Intermediaries Pvt. Ltd., which was admitted on 31.05.2019, and a moratorium was imposed. The CIRP failed, and liquidation was ordered on 25.02.2020. SBI issued a Demand Notice dated 14.08.2018 to Mr. M.S. Sriharsha, invoking the personal guarantee and demanding payment of Rs 29,50,45,488.69/- as of 09.03.2021. SBI then filed an
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The account of M/s. Sura Leathers Private…
Corporate Insolvency Resolution Process (CIRP)…
The State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mr. M.S. Sriharsha, the personal guarantor for credit facilities extended to the Corporate Debtor, M/s. Sura Leathers Private Limited. The Corporate Debtor was classified as a Non-Performing Asset on 28.12.2017 after failing to repay the credit facilities. An earlier Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor by Vansun Intermediaries Pvt. Ltd. which was admitted on 31.05.2019, and a moratorium was imposed. The CIRP resulted in failure, and liquidation was ordered on 25.02.2020, which is currently pending. The Applicant Bank issued a Demand Notice on
…State Bank of India (SBI) extended credit facilities to M/s. Sura Leathers Private Limited ('Corporate Debtor'). Mr. M.S. Sriharsha acted as the personal guarantor for these facilities. The Corporate Debtor defaulted on its repayment obligations, leading SBI to classify the account as a Non-Performing Asset (NPA) on 28.12.2017. An earlier Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor by Vansun Intermediaries Pvt. Ltd., which was admitted on 31.05.2019, and a moratorium was imposed. The CIRP failed, and liquidation was ordered on 25.02.2020. SBI issued a Demand Notice dated 14.08.2018 to Mr. M.S. Sriharsha, invoking the personal guarantee and demanding payment of Rs 29,50,45,488.69/- as of 09.03.2021. SBI then filed an
…The account of M/s. Sura Leathers Private…
Corporate Insolvency Resolution Process (CIRP)…