The case involves an application filed by State Bank of India (SBI), the Financial Creditor, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Nikunj Bothra, the Personal Guarantor, for the Corporate Debtor, Salasar Ispat Limited (SIL). SBI had sanctioned various credit facilities to SIL, which later became irregular and classified as Non-Performing Asset (NPA). SBI initiated recovery proceedings under SARFAESI Act, 2002, and filed an Original Application (O.A) before the Debt Recovery Tribunal-I, Kolkata. The Resolution Professional (RP) recommended the admission of the personal guarantor into the Insolvency Resolution Process.
State Bank of India (SBI) sanctioned credit facilities to Salasar Ispat Limited (SIL) on 08.06.2010, including Term Loan, Working Capital, SLC, and LC (inlands) for an aggregate limit of Rs.2,650.00 Lakhs. These facilities were renewed and enhanced on several occasions, reaching Rs. 5,821.00 Lakhs by 25.03.2013. Nikunj Bothra, along with other Personal Guarantors, executed a Deed of Guarantee in favor of SBI on 25.03.2013, guaranteeing repayment of Rs.5821 Lakhs with interest. Due to irregularities in loan repayments, the account was classified as NPA on 27.06.2013. SBI initiated SARFAESI proceedings and issued a notice on 15.12.2014, demanding Rs. 60,06,44,562.27/-. A demand notice was also issued on 18.12.2014 for Rs.72,11,75,171.27. SBI filed an Original Application
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State Bank of India…
Nikunj Bothra, along with other Personal…
The case involves an application filed by State Bank of India (SBI), the Financial Creditor, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Nikunj Bothra, the Personal Guarantor, for the Corporate Debtor, Salasar Ispat Limited (SIL). SBI had sanctioned various credit facilities to SIL, which later became irregular and classified as Non-Performing Asset (NPA). SBI initiated recovery proceedings under SARFAESI Act, 2002, and filed an Original Application (O.A) before the Debt Recovery Tribunal-I, Kolkata. The Resolution Professional (RP) recommended the admission of the personal guarantor into the Insolvency Resolution Process.
State Bank of India (SBI) sanctioned credit facilities to Salasar Ispat Limited (SIL) on 08.06.2010, including Term Loan, Working Capital, SLC, and LC (inlands) for an aggregate limit of Rs.2,650.00 Lakhs. These facilities were renewed and enhanced on several occasions, reaching Rs. 5,821.00 Lakhs by 25.03.2013. Nikunj Bothra, along with other Personal Guarantors, executed a Deed of Guarantee in favor of SBI on 25.03.2013, guaranteeing repayment of Rs.5821 Lakhs with interest. Due to irregularities in loan repayments, the account was classified as NPA on 27.06.2013. SBI initiated SARFAESI proceedings and issued a notice on 15.12.2014, demanding Rs. 60,06,44,562.27/-. A demand notice was also issued on 18.12.2014 for Rs.72,11,75,171.27. SBI filed an Original Application
…State Bank of India…
Nikunj Bothra, along with other Personal…