The case involves an application filed by State Bank of India (SBI) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Neeta Jain, a personal guarantor to the loans availed by the Corporate Debtor, M/s. Kanishk Gold Private Limited. The application seeks to initiate the insolvency resolution process against Neeta Jain due to a default on the principal amount of INR 359,95,77,333.94 as of 15.09.2020. The Corporate Debtor's loan account was classified as Non-Performing Asset (NPA) on 28.07.2017, and a demand notice was issued on 12.09.2017. The Financial Creditor also filed OA No. 347 of 2018 before DRT-II Chennai for recovery of dues, which is pending consideration. An earlier application under Section 7 of IBC against the Corporate Debtor was
…State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Neeta Jain, who acted as a personal guarantor for loans availed by M/s. Kanishk Gold Private Limited, the Corporate Debtor. The principal amount in default was INR 359,95,77,333.94 as of 15.09.2020. The Corporate Debtor's loan account was classified as NPA on 28.07.2017. SBI issued a demand notice on 12.09.2017 under Section 13(2) of the SARFAESI Act. SBI also filed OA No. 347 of 2018 before DRT-II Chennai for recovery of dues. An earlier application under Section 7 of IBC against the Corporate Debtor was allowed on 22.01.2020. The Corporate Debtor had availed various credit facilities from SBI and other banks, securing them with equitable
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The loan account of the…
State Bank of India issued a demand notice under…
The case involves an application filed by State Bank of India (SBI) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Neeta Jain, a personal guarantor to the loans availed by the Corporate Debtor, M/s. Kanishk Gold Private Limited. The application seeks to initiate the insolvency resolution process against Neeta Jain due to a default on the principal amount of INR 359,95,77,333.94 as of 15.09.2020. The Corporate Debtor's loan account was classified as Non-Performing Asset (NPA) on 28.07.2017, and a demand notice was issued on 12.09.2017. The Financial Creditor also filed OA No. 347 of 2018 before DRT-II Chennai for recovery of dues, which is pending consideration. An earlier application under Section 7 of IBC against the Corporate Debtor was
…State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Neeta Jain, who acted as a personal guarantor for loans availed by M/s. Kanishk Gold Private Limited, the Corporate Debtor. The principal amount in default was INR 359,95,77,333.94 as of 15.09.2020. The Corporate Debtor's loan account was classified as NPA on 28.07.2017. SBI issued a demand notice on 12.09.2017 under Section 13(2) of the SARFAESI Act. SBI also filed OA No. 347 of 2018 before DRT-II Chennai for recovery of dues. An earlier application under Section 7 of IBC against the Corporate Debtor was allowed on 22.01.2020. The Corporate Debtor had availed various credit facilities from SBI and other banks, securing them with equitable
…The loan account of the…
State Bank of India issued a demand notice under…