This is an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 by State Bank of India, the financial creditor, against Mr. Nathu K Patel, the personal guarantor to M/s. Prabhat Resources Limited (formerly M/s. Shinago Infrastructure & Resources Limited), the corporate debtor. The corporate debtor was ordered to be liquidated by the Tribunal on 23.02.2021. The guarantee agreement was executed on 27.03.2014. The date of default is 19.02.2016, and the personal guarantee was invoked on 23.09.2020.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016 against Mr. Nathu K Patel, who is the personal guarantor for M/s. Prabhat Resources Limited (formerly M/s. Shinago Infrastructure & Resources Limited). Prabhat Resources Limited, the corporate debtor, had received credit facilities from SBI under a Working Capital Consortium Agreement. The corporate debtor was ordered to be liquidated on 23.02.2021. The guarantee agreement was executed on 27.03.2014. The date of default is 19.02.2016, and the personal guarantee was invoked on 23.09.2020. The application is to initiate proceedings against the personal guarantor under Section 95(1) of the IBC. SBI relies on the Recovery Certificate and the admission of
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Guarantee Agreement…
Date of defaul…
This is an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 by State Bank of India, the financial creditor, against Mr. Nathu K Patel, the personal guarantor to M/s. Prabhat Resources Limited (formerly M/s. Shinago Infrastructure & Resources Limited), the corporate debtor. The corporate debtor was ordered to be liquidated by the Tribunal on 23.02.2021. The guarantee agreement was executed on 27.03.2014. The date of default is 19.02.2016, and the personal guarantee was invoked on 23.09.2020.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016 against Mr. Nathu K Patel, who is the personal guarantor for M/s. Prabhat Resources Limited (formerly M/s. Shinago Infrastructure & Resources Limited). Prabhat Resources Limited, the corporate debtor, had received credit facilities from SBI under a Working Capital Consortium Agreement. The corporate debtor was ordered to be liquidated on 23.02.2021. The guarantee agreement was executed on 27.03.2014. The date of default is 19.02.2016, and the personal guarantee was invoked on 23.09.2020. The application is to initiate proceedings against the personal guarantor under Section 95(1) of the IBC. SBI relies on the Recovery Certificate and the admission of
…Guarantee Agreement…
Date of defaul…