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. Mangesh Malang, the Personal Guarantor of the Corporate Debtor, M/s MSM Steels Private Limited. The Financial Creditor had extended various credit facilities to the Corporate Debtor, and the Respondent had provided a personal guarantee for these debts. The Corporate Debtor defaulted on its 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 under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Mangesh Sidramappa Malang (Personal Guarantor) for debts owed by M/s MSM Steels Private Limited (Corporate Debtor). The Corporate Debtor availed credit facilities from the Financial Creditor, and the Personal Guarantor provided a personal guarantee. The Corporate Debtor defaulted, leading to its account being classified as a Non-Performing Asset on 25.01.2016. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 05.08.2016, which was replied to by the Corporate Debtor on behalf of the Personal Guarantor on 12.09.2016. The Financial Creditor issued a Demand Notice in Form B on 26.08.2021, which was
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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. Mangesh Malang, the Personal Guarantor of the Corporate Debtor, M/s MSM Steels Private Limited. The Financial Creditor had extended various credit facilities to the Corporate Debtor, and the Respondent had provided a personal guarantee for these debts. The Corporate Debtor defaulted on its 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 under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Mangesh Sidramappa Malang (Personal Guarantor) for debts owed by M/s MSM Steels Private Limited (Corporate Debtor). The Corporate Debtor availed credit facilities from the Financial Creditor, and the Personal Guarantor provided a personal guarantee. The Corporate Debtor defaulted, leading to its account being classified as a Non-Performing Asset on 25.01.2016. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 05.08.2016, which was replied to by the Corporate Debtor on behalf of the Personal Guarantor on 12.09.2016. The Financial Creditor issued a Demand Notice in Form B on 26.08.2021, which was
…The Corporate Debtor's…
Financial Creditor…