The case involves an application filed by State Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against the personal guarantor, Mr. Ahmed A.R. Buhari, of Coastal Energy Private Limited, which is the Corporate Debtor undergoing Corporate Insolvency Resolution Process (CIRP). An order initiating CIRP against Coastal Energy Private Limited was previously passed on 2020-01-06. The bank's application is based on a default date of 2019-03-08. The respondent (personal guarantor) has contested the application, arguing it is not maintainable due to a prior order from DRT-J stipulating personal liability only if the sale proceeds of schedule properties are insufficient.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016 against Mr. Ahmed A.R. Buhari, the personal guarantor of Coastal Energy Private Limited. Coastal Energy Private Limited is the Corporate Debtor, and CIRP proceedings have already been initiated against it on 2020-01-06. The application is based on a default date of 2019-03-08. Mr. Buhari, as the personal guarantor, executed Deed of Guarantees dated 2005-08-31, 2009-12-29, and 2013-12-19. A demand notice was issued to Mr. Buhari on 2020-10-22 under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. Mr. Buhari has contested the
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An order was passed initiating Corporate…
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The case involves an application filed by State Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against the personal guarantor, Mr. Ahmed A.R. Buhari, of Coastal Energy Private Limited, which is the Corporate Debtor undergoing Corporate Insolvency Resolution Process (CIRP). An order initiating CIRP against Coastal Energy Private Limited was previously passed on 2020-01-06. The bank's application is based on a default date of 2019-03-08. The respondent (personal guarantor) has contested the application, arguing it is not maintainable due to a prior order from DRT-J stipulating personal liability only if the sale proceeds of schedule properties are insufficient.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016 against Mr. Ahmed A.R. Buhari, the personal guarantor of Coastal Energy Private Limited. Coastal Energy Private Limited is the Corporate Debtor, and CIRP proceedings have already been initiated against it on 2020-01-06. The application is based on a default date of 2019-03-08. Mr. Buhari, as the personal guarantor, executed Deed of Guarantees dated 2005-08-31, 2009-12-29, and 2013-12-19. A demand notice was issued to Mr. Buhari on 2020-10-22 under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. Mr. Buhari has contested the
…An order was passed initiating Corporate…
The date of de…