The case involves applications filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by State Bank of India against Mrs. Raheena and Mr. Nazar. S, who are personal guarantors to the corporate debtor, M/s. Nassco Trading India Private Limited. The State Bank of Travancore (later merged with State Bank of India) had granted credit facilities to the corporate debtor, which were enhanced over time. The corporate debtor defaulted, leading to its account being classified as NPA. The creditor issued a loan recall notice and initiated proceedings under the SARFAESI Act.
State Bank of India filed applications under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mrs. Raheena and Mr. Nazar. S, personal guarantors to M/s. Nassco Trading India Private Limited. The State Bank of Travancore (SBT) initially granted credit facilities of Rs. 2,00,00,000 to the Corporate Debtor on 02.09.2011. The credit facility was enhanced over time, reaching 9.5 Crore with an additional term loan of Rs. 1 Crore on 18.02.2016. The personal guarantors executed deeds of guarantee between 2011 and 2016. SBT merged with State Bank of India (SBI) on 01.04.2017. The Corporate Debtor's loan accounts became NPA on 28.08.2017. A loan recall notice was issued on 16.01.2018, demanding Rs. 11,25,61,907.81 within 7 days. The Corporate Debtor and
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State Bank of Travancore granted credit…
Cash credit facility was enhanced to 9.5…
The case involves applications filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by State Bank of India against Mrs. Raheena and Mr. Nazar. S, who are personal guarantors to the corporate debtor, M/s. Nassco Trading India Private Limited. The State Bank of Travancore (later merged with State Bank of India) had granted credit facilities to the corporate debtor, which were enhanced over time. The corporate debtor defaulted, leading to its account being classified as NPA. The creditor issued a loan recall notice and initiated proceedings under the SARFAESI Act.
State Bank of India filed applications under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mrs. Raheena and Mr. Nazar. S, personal guarantors to M/s. Nassco Trading India Private Limited. The State Bank of Travancore (SBT) initially granted credit facilities of Rs. 2,00,00,000 to the Corporate Debtor on 02.09.2011. The credit facility was enhanced over time, reaching 9.5 Crore with an additional term loan of Rs. 1 Crore on 18.02.2016. The personal guarantors executed deeds of guarantee between 2011 and 2016. SBT merged with State Bank of India (SBI) on 01.04.2017. The Corporate Debtor's loan accounts became NPA on 28.08.2017. A loan recall notice was issued on 16.01.2018, demanding Rs. 11,25,61,907.81 within 7 days. The Corporate Debtor and
…State Bank of Travancore granted credit…
Cash credit facility was enhanced to 9.5…