This case involves an application filed by State Bank of India (SBI), the Financial Creditor, under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, 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, to initiate the Insolvency Resolution Process against Mr. Pradip Jayantilal Karia, the Personal Guarantor, due to a default amount of Rs. 176,45,58,095.31/-. The Personal Guarantor had provided a guarantee in favor of SBI led Consortium banks for the Corporate Debtor, M/s Pradip Overseas Limited. The Corporate Debtor availed credit facilities, and the lenders agreed to restructure the debt. Despite restructuring efforts and a
…State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution Process against Mr. Pradip Jayantilal Karia, who acted as a personal guarantor for the corporate debtor, M/s Pradip Overseas Limited. The total default amount was Rs. 176,45,58,095.31/-, including principal, accrued interest, and penal interest. The personal guarantor executed a deed of guarantee in favor of SBI led Consortium banks. The corporate debtor availed further credit facilities, and its directors entered into a mortgage deed. A revival letter was executed by the corporate debtor and the personal guarantor. The corporate debtor submitted a One Time Settlement proposal, which was initially accepted but later
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SBI led Consortium issued sanction letter…
PNB Investment Services Limited agreed to…
This case involves an application filed by State Bank of India (SBI), the Financial Creditor, under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, 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, to initiate the Insolvency Resolution Process against Mr. Pradip Jayantilal Karia, the Personal Guarantor, due to a default amount of Rs. 176,45,58,095.31/-. The Personal Guarantor had provided a guarantee in favor of SBI led Consortium banks for the Corporate Debtor, M/s Pradip Overseas Limited. The Corporate Debtor availed credit facilities, and the lenders agreed to restructure the debt. Despite restructuring efforts and a
…State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution Process against Mr. Pradip Jayantilal Karia, who acted as a personal guarantor for the corporate debtor, M/s Pradip Overseas Limited. The total default amount was Rs. 176,45,58,095.31/-, including principal, accrued interest, and penal interest. The personal guarantor executed a deed of guarantee in favor of SBI led Consortium banks. The corporate debtor availed further credit facilities, and its directors entered into a mortgage deed. A revival letter was executed by the corporate debtor and the personal guarantor. The corporate debtor submitted a One Time Settlement proposal, which was initially accepted but later
…SBI led Consortium issued sanction letter…
PNB Investment Services Limited agreed to…