The State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mr. Naseer Ahmed, the personal guarantor for credit facilities extended to the Corporate Debtor, M/s.Scotts Garments Limited. The Corporate Debtor had undergone Corporate Insolvency Resolution Process (CIRP) under CP(IB) No.68/BB/2018, and a resolution plan was approved on 16.09.2019. The Financial Creditor invoked the personal guarantee on 07.11.2018, and issued a demand notice on 21.09.2020, which the Guarantor refuted. A Resolution Professional was appointed on 02nd December 2021, who recommended admission of the application.
The State Bank of India (SBI) extended credit facilities to M/s.Scotts Garments Limited ('Corporate Debtor'), for which Mr. Naseer Ahmed ('Personal Guarantor') provided a personal guarantee. The Corporate Debtor defaulted on its payments, leading SBI to classify the account as a Non-Performing Asset (NPA) on 18.03.2018. An Operational Creditor initiated CIRP against the Corporate Debtor, which was admitted on 13.08.2018. A resolution plan was approved on 16.09.2019. SBI invoked the personal guarantee on 07.11.2018 and issued a demand notice to Mr. Naseer Ahmed on 21.09.2020. Mr. Ahmed refuted the claim. SBI filed an application under Section 95(1) of the IBC, 2016, to initiate the Insolvency Resolution Process against Mr. Ahmed. A Resolution Professional was appointed,
…Sign in to view the parties.
State Bank of India classified the account…
Corporate Insolvency Resolution Process (CIRP)…
The State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mr. Naseer Ahmed, the personal guarantor for credit facilities extended to the Corporate Debtor, M/s.Scotts Garments Limited. The Corporate Debtor had undergone Corporate Insolvency Resolution Process (CIRP) under CP(IB) No.68/BB/2018, and a resolution plan was approved on 16.09.2019. The Financial Creditor invoked the personal guarantee on 07.11.2018, and issued a demand notice on 21.09.2020, which the Guarantor refuted. A Resolution Professional was appointed on 02nd December 2021, who recommended admission of the application.
The State Bank of India (SBI) extended credit facilities to M/s.Scotts Garments Limited ('Corporate Debtor'), for which Mr. Naseer Ahmed ('Personal Guarantor') provided a personal guarantee. The Corporate Debtor defaulted on its payments, leading SBI to classify the account as a Non-Performing Asset (NPA) on 18.03.2018. An Operational Creditor initiated CIRP against the Corporate Debtor, which was admitted on 13.08.2018. A resolution plan was approved on 16.09.2019. SBI invoked the personal guarantee on 07.11.2018 and issued a demand notice to Mr. Naseer Ahmed on 21.09.2020. Mr. Ahmed refuted the claim. SBI filed an application under Section 95(1) of the IBC, 2016, to initiate the Insolvency Resolution Process against Mr. Ahmed. A Resolution Professional was appointed,
…State Bank of India classified the account…
Corporate Insolvency Resolution Process (CIRP)…