The case involves a petition filed by State Bank of India (SBI) under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Mohan Lal Agarwal, a personal guarantor to Adhunik Alloys & Power Limited, the Corporate Debtor. SBI seeks to initiate the insolvency resolution process against the personal guarantor due to the Corporate Debtor's failure to repay a debt amounting to Rs. 359,00,60,297.86. The Corporate Debtor had approached SBI for various financial facilities, which were extended on 20.02.2014. A Deed of Guarantee was executed on the same date by the Personal Guarantor. The Corporate Debtor's account was classified as a non-performing asset (NPA). SBI had previously filed a petition under section 19 of the Recovery of Debts Due to Banks and
…State Bank of India (SBI) filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Mohan Lal Agarwal, who is the personal guarantor for Adhunik Alloys & Power Limited (Corporate Debtor). The Corporate Debtor owes SBI Rs. 359,00,60,297.86. The Corporate Debtor had approached SBI for financial facilities, which were granted on 20.02.2014. Mohan Lal Agarwal executed a Deed of Guarantee on 20.02.2014. The Corporate Debtor defaulted on repayments, leading SBI to classify the account as a non-performing asset (NPA). SBI had previously filed a petition under section 19 of the Recovery of Debts Due to Banks and Financial Institution Act, 1993, against the guarantor, which is currently pending. SBI issued a Demand Notice in Form B on
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Applicant extended various Credit facilities to…
Applicant issued a Demand Notice in Form B…
The case involves a petition filed by State Bank of India (SBI) under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Mohan Lal Agarwal, a personal guarantor to Adhunik Alloys & Power Limited, the Corporate Debtor. SBI seeks to initiate the insolvency resolution process against the personal guarantor due to the Corporate Debtor's failure to repay a debt amounting to Rs. 359,00,60,297.86. The Corporate Debtor had approached SBI for various financial facilities, which were extended on 20.02.2014. A Deed of Guarantee was executed on the same date by the Personal Guarantor. The Corporate Debtor's account was classified as a non-performing asset (NPA). SBI had previously filed a petition under section 19 of the Recovery of Debts Due to Banks and
…State Bank of India (SBI) filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Mohan Lal Agarwal, who is the personal guarantor for Adhunik Alloys & Power Limited (Corporate Debtor). The Corporate Debtor owes SBI Rs. 359,00,60,297.86. The Corporate Debtor had approached SBI for financial facilities, which were granted on 20.02.2014. Mohan Lal Agarwal executed a Deed of Guarantee on 20.02.2014. The Corporate Debtor defaulted on repayments, leading SBI to classify the account as a non-performing asset (NPA). SBI had previously filed a petition under section 19 of the Recovery of Debts Due to Banks and Financial Institution Act, 1993, against the guarantor, which is currently pending. SBI issued a Demand Notice in Form B on
…Applicant extended various Credit facilities to…
Applicant issued a Demand Notice in Form B…