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 default includes a principal outstanding amount of Rs. 66,77,94,405.90 and accrued interest and penal interest of Rs. 109,67,63,689.41. The Personal Guarantor had provided a guarantee for the repayment of interest, cost, charges, and other expenses related to a Deed of
…State Bank of India (SBI), the Financial Creditor, 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, the Personal Guarantor, due to a default amount of Rs. 176,45,58,095.31. This amount includes a principal outstanding amount of Rs. 66,77,94,405.90 and accrued interest and penal interest of Rs. 109,67,63,689.41. Mr. Karia stood as a personal guarantor for Pradip Overseas Limited. SBI led Consortium issued a sanction letter on 11.05.2012 for restructuring of Funds Based Working Capital Credit. The Corporate Debtor availed further credit facilities and its Directors entered into Mortgage Deed dated 05.04.2014. A Deed of Guarantee dated 25.04.2014
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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 default includes a principal outstanding amount of Rs. 66,77,94,405.90 and accrued interest and penal interest of Rs. 109,67,63,689.41. The Personal Guarantor had provided a guarantee for the repayment of interest, cost, charges, and other expenses related to a Deed of
…State Bank of India (SBI), the Financial Creditor, 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, the Personal Guarantor, due to a default amount of Rs. 176,45,58,095.31. This amount includes a principal outstanding amount of Rs. 66,77,94,405.90 and accrued interest and penal interest of Rs. 109,67,63,689.41. Mr. Karia stood as a personal guarantor for Pradip Overseas Limited. SBI led Consortium issued a sanction letter on 11.05.2012 for restructuring of Funds Based Working Capital Credit. The Corporate Debtor availed further credit facilities and its Directors entered into Mortgage Deed dated 05.04.2014. A Deed of Guarantee dated 25.04.2014
…SBI led Consortium issued sanction letter…
PNB Investment Services Limited agreed to…