The case pertains to an application filed by State Bank of India (SBI) under Section 95 read with Rule 7(2) of the Insolvency and Bankruptcy Code (IBC) for initiating the Insolvency Resolution Process against Mr. Nazuk Khan, a personal guarantor to the loan facility availed by M/s. Multiwal Pulp and Board Mills Private Limited. The corporate debtor had a resolution plan already approved by the Committee of Creditors (CoC). SBI had issued a demand notice to the guarantor, but received no reply. The Resolution Professional (RP) submitted a report recommending the admission of the application.
State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Nazuk Khan, a personal guarantor to M/s. Multiwal Pulp and Board Mills Private Limited. The corporate debtor, M/s. Multiwal Pulp and Board Mills Private Limited, had a resolution plan approved by the CoC. The corporate debtor failed to maintain financial discipline, leading SBI to issue a legal demand notice on 2015-08-07 to the corporate debtor and guarantors. Despite a settlement offer in 2017, the corporate debtor and guarantors failed to comply with the settlement terms, leading SBI to revoke the settlement on 2018-03-09. SBI had also filed an Original Application against the Corporate Debtor and the Guarantors before the Debts Recovery Tribunal,
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SBI sent a Legal Demand Notice to the…
The Corporate Debtor and the Guarantor…
The case pertains to an application filed by State Bank of India (SBI) under Section 95 read with Rule 7(2) of the Insolvency and Bankruptcy Code (IBC) for initiating the Insolvency Resolution Process against Mr. Nazuk Khan, a personal guarantor to the loan facility availed by M/s. Multiwal Pulp and Board Mills Private Limited. The corporate debtor had a resolution plan already approved by the Committee of Creditors (CoC). SBI had issued a demand notice to the guarantor, but received no reply. The Resolution Professional (RP) submitted a report recommending the admission of the application.
State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Nazuk Khan, a personal guarantor to M/s. Multiwal Pulp and Board Mills Private Limited. The corporate debtor, M/s. Multiwal Pulp and Board Mills Private Limited, had a resolution plan approved by the CoC. The corporate debtor failed to maintain financial discipline, leading SBI to issue a legal demand notice on 2015-08-07 to the corporate debtor and guarantors. Despite a settlement offer in 2017, the corporate debtor and guarantors failed to comply with the settlement terms, leading SBI to revoke the settlement on 2018-03-09. SBI had also filed an Original Application against the Corporate Debtor and the Guarantors before the Debts Recovery Tribunal,
…SBI sent a Legal Demand Notice to the…
The Corporate Debtor and the Guarantor…