This case involves an application filed by State Bank of India (SBI) under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Personal Guarantor's Insolvency Resolution Process (PGIRP) against Ms. Mamta Apparao, who is a personal guarantor for loans availed by the Corporate Debtor, TAG Offshore Limited. The Corporate Debtor is already under liquidation. SBI claims a default of INR 372,59,92,769.82/- as of August 31, 2020, arising from credit facilities availed by the Corporate Debtor and guaranteed by Ms. Apparao. The Resolution Professional (RP) recommended accepting the application.
State Bank of India (SBI) granted credit facilities to TAG Offshore Limited, for which Mamta Apparao acted as a personal guarantor, furnishing various Deeds of Guarantee between 2009 and 2015. TAG Offshore Limited defaulted on its payments, leading SBI to declare the accounts as Non-Performing Assets on October 28, 2017. SBI issued a legal notice on March 6, 2019, to TAG Offshore Limited and Mamta Apparao, invoking the guarantees. Despite this, the debt remained unpaid. SBI then issued a demand notice on September 30, 2020, to Ms. Apparao under Rule 7(1) of the PG AAA Rules, 2019, demanding payment of INR 372,59,92,769.82/-. The Corporate Debtor, TAG Offshore Limited, is under liquidation since September 26, 2019. The Resolution Professional recommended admitting the
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This case involves an application filed by State Bank of India (SBI) under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Personal Guarantor's Insolvency Resolution Process (PGIRP) against Ms. Mamta Apparao, who is a personal guarantor for loans availed by the Corporate Debtor, TAG Offshore Limited. The Corporate Debtor is already under liquidation. SBI claims a default of INR 372,59,92,769.82/- as of August 31, 2020, arising from credit facilities availed by the Corporate Debtor and guaranteed by Ms. Apparao. The Resolution Professional (RP) recommended accepting the application.
State Bank of India (SBI) granted credit facilities to TAG Offshore Limited, for which Mamta Apparao acted as a personal guarantor, furnishing various Deeds of Guarantee between 2009 and 2015. TAG Offshore Limited defaulted on its payments, leading SBI to declare the accounts as Non-Performing Assets on October 28, 2017. SBI issued a legal notice on March 6, 2019, to TAG Offshore Limited and Mamta Apparao, invoking the guarantees. Despite this, the debt remained unpaid. SBI then issued a demand notice on September 30, 2020, to Ms. Apparao under Rule 7(1) of the PG AAA Rules, 2019, demanding payment of INR 372,59,92,769.82/-. The Corporate Debtor, TAG Offshore Limited, is under liquidation since September 26, 2019. The Resolution Professional recommended admitting the
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