State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against P Danaraj, the personal guarantor of Diamond Engineering (Chennai) Private Limited, the corporate debtor. The application seeks to initiate the insolvency resolution process against the personal guarantor due to a default of Rs. 391,60,87,767/-. The corporate debtor was admitted into CIRP earlier, and a resolution plan was approved but not implemented. The promoters, including the respondent, had submitted an OTS proposal which was not fully executed. The applicant bank issued NOC for the sale of certain assets, but the implementation was delayed due to the COVID-19 pandemic. Subsequently, a liquidation application was filed and allowed for the corporate
…State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against P Danaraj, who is the personal guarantor for Diamond Engineering (Chennai) Private Limited, the corporate debtor. The application seeks to initiate the insolvency resolution process against the personal guarantor. The total debt claimed is Rs. 391,60,87,767/-, with the date of default being 19.02.2017. The liability was acknowledged by the respondent in the balance sheet of the corporate debtor for the year ended 31.03.2018. SBI had sanctioned credit facilities to Diamond Engineering, which were guaranteed by P Danaraj. The corporate debtor was admitted into CIRP under Section 9 of IBC, and a resolution plan was approved but not implemented. The
…Sign in to view the parties.
The date of default is stated as 19.02.2017,…
The Corporate Debtor…
State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against P Danaraj, the personal guarantor of Diamond Engineering (Chennai) Private Limited, the corporate debtor. The application seeks to initiate the insolvency resolution process against the personal guarantor due to a default of Rs. 391,60,87,767/-. The corporate debtor was admitted into CIRP earlier, and a resolution plan was approved but not implemented. The promoters, including the respondent, had submitted an OTS proposal which was not fully executed. The applicant bank issued NOC for the sale of certain assets, but the implementation was delayed due to the COVID-19 pandemic. Subsequently, a liquidation application was filed and allowed for the corporate
…State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against P Danaraj, who is the personal guarantor for Diamond Engineering (Chennai) Private Limited, the corporate debtor. The application seeks to initiate the insolvency resolution process against the personal guarantor. The total debt claimed is Rs. 391,60,87,767/-, with the date of default being 19.02.2017. The liability was acknowledged by the respondent in the balance sheet of the corporate debtor for the year ended 31.03.2018. SBI had sanctioned credit facilities to Diamond Engineering, which were guaranteed by P Danaraj. The corporate debtor was admitted into CIRP under Section 9 of IBC, and a resolution plan was approved but not implemented. The
…The date of default is stated as 19.02.2017,…
The Corporate Debtor…