The State Bank of India ('SBI'/'Bank') filed an application to initiate the Insolvency Resolution Process against Mr. Om Prakash Sharma ('Personal Guarantor'/'Respondent') under Section 95 of the Insolvency and Bankruptcy Code, 2016 ('IBC'/'Code') 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. The Personal Guarantor had executed a personal guarantee to secure the repayment of financial assistance availed by M/s Vimladevi Agro Tech Ltd. ('Corporate Debtor'). The Corporate Debtor defaulted in repayment, leading to the invocation of the personal guarantee.
State Bank of India (SBI) filed an application to initiate Insolvency Resolution Process against Om Prakash Sharma, the personal guarantor, under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. Om Prakash Sharma had provided a personal guarantee for loans availed by M/s Vimladevi Agro Tech Ltd. (Corporate Debtor). In 2010, the Corporate Debtor, through Shri Chandra Mohan Singhal, availed credit facilities aggregating to Rs. 5,30,00,000/-. These facilities were secured by primary and collateral securities, including equitable mortgage of properties. The Corporate Debtor also executed an Agreement of Loan cum Hypothecation. Subsequently, additional credit facilities were availed, increasing the total loan amount. The Corporate Debtor failed to maintain
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Bank sanctioned credit facilities of Rs.…
Guarantee agreement…
The State Bank of India ('SBI'/'Bank') filed an application to initiate the Insolvency Resolution Process against Mr. Om Prakash Sharma ('Personal Guarantor'/'Respondent') under Section 95 of the Insolvency and Bankruptcy Code, 2016 ('IBC'/'Code') 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. The Personal Guarantor had executed a personal guarantee to secure the repayment of financial assistance availed by M/s Vimladevi Agro Tech Ltd. ('Corporate Debtor'). The Corporate Debtor defaulted in repayment, leading to the invocation of the personal guarantee.
State Bank of India (SBI) filed an application to initiate Insolvency Resolution Process against Om Prakash Sharma, the personal guarantor, under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. Om Prakash Sharma had provided a personal guarantee for loans availed by M/s Vimladevi Agro Tech Ltd. (Corporate Debtor). In 2010, the Corporate Debtor, through Shri Chandra Mohan Singhal, availed credit facilities aggregating to Rs. 5,30,00,000/-. These facilities were secured by primary and collateral securities, including equitable mortgage of properties. The Corporate Debtor also executed an Agreement of Loan cum Hypothecation. Subsequently, additional credit facilities were availed, increasing the total loan amount. The Corporate Debtor failed to maintain
…Bank sanctioned credit facilities of Rs.…
Guarantee agreement…