The State Bank of India filed a Company Petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against Mr. Mahesh Dhanashree, the Personal Guarantor of the Corporate Debtor, M/s MSM Steels Private Limited. The Financial Creditor had provided various credit facilities to the Corporate Debtor, and the Respondent had given a personal guarantee in relation to the debts owed by the Corporate Debtor. The Corporate Debtor defaulted on its debt obligations, leading the Financial Creditor to invoke the personal guarantee. The Respondent failed to repay the debt, prompting the Financial Creditor to file the application.
State Bank of India (Financial Creditor) filed a petition against Mahesh Dhanashree (Personal Guarantor) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process. Mahesh Dhanashree is the personal guarantor for M/s MSM Steels Private Limited (Corporate Debtor). The Financial Creditor had extended credit facilities to the Corporate Debtor, for which Mahesh Dhanashree provided a personal guarantee. The Corporate Debtor defaulted on its obligations, leading the Financial Creditor to invoke the guarantee. The total default amount was Rs. 232,65,85,673/- as of 31.03.2023, with further interest from 01.04.2023. The Corporate Debtor's account was classified as Non-Performing Asset on 25.01.2016. The
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The Corporate Debtor's…
Notice dt. 26.12.2016 u/s 13(4) of the SARFAESI…
The State Bank of India filed a Company Petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against Mr. Mahesh Dhanashree, the Personal Guarantor of the Corporate Debtor, M/s MSM Steels Private Limited. The Financial Creditor had provided various credit facilities to the Corporate Debtor, and the Respondent had given a personal guarantee in relation to the debts owed by the Corporate Debtor. The Corporate Debtor defaulted on its debt obligations, leading the Financial Creditor to invoke the personal guarantee. The Respondent failed to repay the debt, prompting the Financial Creditor to file the application.
State Bank of India (Financial Creditor) filed a petition against Mahesh Dhanashree (Personal Guarantor) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process. Mahesh Dhanashree is the personal guarantor for M/s MSM Steels Private Limited (Corporate Debtor). The Financial Creditor had extended credit facilities to the Corporate Debtor, for which Mahesh Dhanashree provided a personal guarantee. The Corporate Debtor defaulted on its obligations, leading the Financial Creditor to invoke the guarantee. The total default amount was Rs. 232,65,85,673/- as of 31.03.2023, with further interest from 01.04.2023. The Corporate Debtor's account was classified as Non-Performing Asset on 25.01.2016. The
…The Corporate Debtor's…
Notice dt. 26.12.2016 u/s 13(4) of the SARFAESI…