The case pertains to a petition filed by State Bank of India (SBI) under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, and Regulation 4(2) of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. SBI, through its Assistant General Manager, Sanjay Singh, sought to initiate the Insolvency Resolution Process against the personal guarantor, Mrs. Molika Garg, who is also the corporate debtor.
State Bank of India (SBI) filed a petition against Mrs. Molika Garg, who is both a personal guarantor and the corporate debtor, under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016. SBI invoked the guarantee due to a default amounting to Rs. 52,18,51,015.97/-. A statutory notice of demand dated 2021-07-12 was served to Mrs. Garg on 2021-07-14, requesting payment. Despite receiving the notice, Mrs. Garg failed to respond or make any payment. The Tribunal issued a limited notice to Mrs. Garg, which was duly served. The applicant also filed an affidavit of service dated 2022-09-16. The applicant proposed the name of Mr. Anil Kumar Mittal as the Resolution Professional.
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A statutory notice of…
The statutory notice of…
The case pertains to a petition filed by State Bank of India (SBI) under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, and Regulation 4(2) of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. SBI, through its Assistant General Manager, Sanjay Singh, sought to initiate the Insolvency Resolution Process against the personal guarantor, Mrs. Molika Garg, who is also the corporate debtor.
State Bank of India (SBI) filed a petition against Mrs. Molika Garg, who is both a personal guarantor and the corporate debtor, under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016. SBI invoked the guarantee due to a default amounting to Rs. 52,18,51,015.97/-. A statutory notice of demand dated 2021-07-12 was served to Mrs. Garg on 2021-07-14, requesting payment. Despite receiving the notice, Mrs. Garg failed to respond or make any payment. The Tribunal issued a limited notice to Mrs. Garg, which was duly served. The applicant also filed an affidavit of service dated 2022-09-16. The applicant proposed the name of Mr. Anil Kumar Mittal as the Resolution Professional.
A statutory notice of…
The statutory notice of…