State Bank of India, through its Stressed Assets Management Branch, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against the Personal Guarantor/Respondent, Mrs. Madhavi Latha, who is associated with M/s. MPL Cars Private Limited, the Corporate Debtor. CIRP had been initiated against the Corporate Debtor vide an order dated 13.08.2019.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Insolvency Resolution Process against Mrs. Madhavi Latha, the personal guarantor for a loan taken by M/s. MPL Cars Private Limited. MPL Cars Private Limited, the Corporate Debtor, had previously undergone Corporate Insolvency Resolution Process (CIRP) initiated on 13.08.2019. MPL Cars Private Limited failed to repay the debt, leading SBI to initiate CIRP against the Corporate Debtor. Mrs. Madhavi Latha had given a personal guarantee for the loan. The outstanding debt is Rs. 36,50,28,970/-, with the date of default being 06.03.2019. SBI issued a Demand Notice under Rule 7(1) of the Insolvency and Bankruptcy Rules, 2019, to Mrs. Madhavi Latha
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CIRP was initiated…
Date of defa…
State Bank of India, through its Stressed Assets Management Branch, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against the Personal Guarantor/Respondent, Mrs. Madhavi Latha, who is associated with M/s. MPL Cars Private Limited, the Corporate Debtor. CIRP had been initiated against the Corporate Debtor vide an order dated 13.08.2019.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Insolvency Resolution Process against Mrs. Madhavi Latha, the personal guarantor for a loan taken by M/s. MPL Cars Private Limited. MPL Cars Private Limited, the Corporate Debtor, had previously undergone Corporate Insolvency Resolution Process (CIRP) initiated on 13.08.2019. MPL Cars Private Limited failed to repay the debt, leading SBI to initiate CIRP against the Corporate Debtor. Mrs. Madhavi Latha had given a personal guarantee for the loan. The outstanding debt is Rs. 36,50,28,970/-, with the date of default being 06.03.2019. SBI issued a Demand Notice under Rule 7(1) of the Insolvency and Bankruptcy Rules, 2019, to Mrs. Madhavi Latha
…CIRP was initiated…
Date of defa…