The State Bank of India filed an application under Section 95 r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantor to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against the Respondent/Guarantor, Ms. Sheela Saxena, who stood as Personal Guarantor to the credit facilities availed by the Corporate Debtor, M/s Zillion Infraprojects Pvt. Ltd. The total outstanding debt was Rs. 90,73,78,607.30. The Tribunal appointed Mr. Rakesh Kumar Gupta as the Resolution Professional to file a report under Section 99 of the Code.
State Bank of India (SBI) sanctioned financial assistance to M/s Zillion Infraprojects Pvt. Ltd., with Ms. Sheela Saxena acting as the personal guarantor. The initial sanction was for Rs. 17 crores, later enhanced to Rs. 100 crores. The corporate debtor defaulted, leading to the account being classified as NPA. SBI issued a demand notice to the principal borrower and guarantors for Rs. 44.88 crores. Ms. Saxena, the guarantor, claimed no privity of contract with SBI, arguing the guarantee deed was with SBICAP Trustee Co. Ltd. She also contended the demand notice was time-barred, issued more than three years after the default date of 29.06.2018. SBI initiated Corporate Insolvency Resolution Process (CIRP) against Zillion Infraprojects, admitted by NCLT on 05.02.2019. The
…Sign in to view the parties.
State Bank of India sanctioned financial…
Last loan sanc…
The State Bank of India filed an application under Section 95 r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantor to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against the Respondent/Guarantor, Ms. Sheela Saxena, who stood as Personal Guarantor to the credit facilities availed by the Corporate Debtor, M/s Zillion Infraprojects Pvt. Ltd. The total outstanding debt was Rs. 90,73,78,607.30. The Tribunal appointed Mr. Rakesh Kumar Gupta as the Resolution Professional to file a report under Section 99 of the Code.
State Bank of India (SBI) sanctioned financial assistance to M/s Zillion Infraprojects Pvt. Ltd., with Ms. Sheela Saxena acting as the personal guarantor. The initial sanction was for Rs. 17 crores, later enhanced to Rs. 100 crores. The corporate debtor defaulted, leading to the account being classified as NPA. SBI issued a demand notice to the principal borrower and guarantors for Rs. 44.88 crores. Ms. Saxena, the guarantor, claimed no privity of contract with SBI, arguing the guarantee deed was with SBICAP Trustee Co. Ltd. She also contended the demand notice was time-barred, issued more than three years after the default date of 29.06.2018. SBI initiated Corporate Insolvency Resolution Process (CIRP) against Zillion Infraprojects, admitted by NCLT on 05.02.2019. The
…State Bank of India sanctioned financial…
Last loan sanc…