The case pertains to a petition filed by the 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 Debtor) Rules, 2019, and Regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. The petition seeks to initiate the Insolvency Resolution Process against Mukesh Garg, the personal guarantor of the corporate debtor, M/s Alupan Composite Panels Pvt. Ltd. SBI, through its resolution professional, Vivek Parti, initiated the process due to a default in payment.
State Bank of India (SBI) filed a petition against Mukesh Garg, who is the personal guarantor for the corporate debtor, M/s Alupan Composite Panels Pvt. Ltd. The petition was filed under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Insolvency Resolution Process. SBI served a statutory notice of demand to Mukesh Garg on 16.07.2021, demanding a payment of Rs. 37,49,65,845.97/- as on 30.06.2021. The guarantee had been invoked by SBI. Mukesh Garg failed to reply to the notice or make any payment. SBI provided proof of service of the statutory notice to the Tribunal. The applicant proposed Vivek Parti as the Resolution Professional.
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A statutory no…
The Personal Guarantor, Mr. Mukesh Garg, was…
The case pertains to a petition filed by the 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 Debtor) Rules, 2019, and Regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. The petition seeks to initiate the Insolvency Resolution Process against Mukesh Garg, the personal guarantor of the corporate debtor, M/s Alupan Composite Panels Pvt. Ltd. SBI, through its resolution professional, Vivek Parti, initiated the process due to a default in payment.
State Bank of India (SBI) filed a petition against Mukesh Garg, who is the personal guarantor for the corporate debtor, M/s Alupan Composite Panels Pvt. Ltd. The petition was filed under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Insolvency Resolution Process. SBI served a statutory notice of demand to Mukesh Garg on 16.07.2021, demanding a payment of Rs. 37,49,65,845.97/- as on 30.06.2021. The guarantee had been invoked by SBI. Mukesh Garg failed to reply to the notice or make any payment. SBI provided proof of service of the statutory notice to the Tribunal. The applicant proposed Vivek Parti as the Resolution Professional.
A statutory no…
The Personal Guarantor, Mr. Mukesh Garg, was…