The case involves an application filed by State Bank of India (SBI) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Ms. Phalguni Tewary, the personal guarantor of United Chloro Paraffins Limited (UCPL). UCPL had availed credit facilities from SBI and defaulted, leading to its account being classified as a non-performing asset (NPA) on 2017-12-18. SBI initiated recovery proceedings, including an application before the Debts Recovery Tribunal. UCPL was admitted into CIRP under Section 10 of the IBC, 2016, but was later
…State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Ms. Phalguni Tewary, who is the personal guarantor for United Chloro Paraffins Limited (UCPL). UCPL, the Corporate Debtor, had availed credit facilities from SBI but defaulted on repayments, leading to its account being classified as a Non-Performing Asset (NPA) on December 18, 2017. SBI initiated recovery proceedings, including filing an application before the Debts Recovery Tribunal. UCPL was admitted into Corporate Insolvency Resolution Process (CIRP) under Section 10 of the IBC, 2016, but was later ordered to be liquidated on July 19, 2019, as no viable resolution plan was received. Ms. Phalguni Tewary
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The loan account of United Chloro…
UCIL was admitted under…
The case involves an application filed by State Bank of India (SBI) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Ms. Phalguni Tewary, the personal guarantor of United Chloro Paraffins Limited (UCPL). UCPL had availed credit facilities from SBI and defaulted, leading to its account being classified as a non-performing asset (NPA) on 2017-12-18. SBI initiated recovery proceedings, including an application before the Debts Recovery Tribunal. UCPL was admitted into CIRP under Section 10 of the IBC, 2016, but was later
…State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Ms. Phalguni Tewary, who is the personal guarantor for United Chloro Paraffins Limited (UCPL). UCPL, the Corporate Debtor, had availed credit facilities from SBI but defaulted on repayments, leading to its account being classified as a Non-Performing Asset (NPA) on December 18, 2017. SBI initiated recovery proceedings, including filing an application before the Debts Recovery Tribunal. UCPL was admitted into Corporate Insolvency Resolution Process (CIRP) under Section 10 of the IBC, 2016, but was later ordered to be liquidated on July 19, 2019, as no viable resolution plan was received. Ms. Phalguni Tewary
…The loan account of United Chloro…
UCIL was admitted under…