The State Bank of India, as a financial creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 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 Mr. Prashant Goyal, the personal guarantor, concerning the debt disbursed to the corporate debtor, M/s. Kay Em Copper Pvt. Ltd. The corporate debtor's CIN is U27101DL2011PTC226819, and it was incorporated on 28.10.2011. The application was filed due to defaults in loan repayments by the corporate debtor, leading to its account being classified as a Non-Performing Asset on 12.02.2019. A demand notice was
…The State Bank of India (SBI) filed an application to initiate the Insolvency Resolution Process (IRP) against Mr. Prashant Goyal, who is the personal guarantor for the debts of the corporate debtor, M/s. Kay Em Copper Pvt. Ltd. SBI had sanctioned and disbursed various loans to Kay Em Copper Pvt. Ltd., for which Mr. Goyal provided a personal guarantee. The corporate debtor defaulted on repayments, leading to the loan account being classified as a Non-Performing Asset (NPA) on 12.02.2019. A notice under Section 13(2) of the SARFAESI Act was issued to the corporate debtor and guarantor on 15.02.2019, demanding repayment. The total debt payable by the personal guarantor as of 27.05.2022, was Rs 27,30,07,320. The application was filed under Section 95 of the Insolvency and
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M/s. Kay Em Cop…
The loan account of the…
The State Bank of India, as a financial creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 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 Mr. Prashant Goyal, the personal guarantor, concerning the debt disbursed to the corporate debtor, M/s. Kay Em Copper Pvt. Ltd. The corporate debtor's CIN is U27101DL2011PTC226819, and it was incorporated on 28.10.2011. The application was filed due to defaults in loan repayments by the corporate debtor, leading to its account being classified as a Non-Performing Asset on 12.02.2019. A demand notice was
…The State Bank of India (SBI) filed an application to initiate the Insolvency Resolution Process (IRP) against Mr. Prashant Goyal, who is the personal guarantor for the debts of the corporate debtor, M/s. Kay Em Copper Pvt. Ltd. SBI had sanctioned and disbursed various loans to Kay Em Copper Pvt. Ltd., for which Mr. Goyal provided a personal guarantee. The corporate debtor defaulted on repayments, leading to the loan account being classified as a Non-Performing Asset (NPA) on 12.02.2019. A notice under Section 13(2) of the SARFAESI Act was issued to the corporate debtor and guarantor on 15.02.2019, demanding repayment. The total debt payable by the personal guarantor as of 27.05.2022, was Rs 27,30,07,320. The application was filed under Section 95 of the Insolvency and
…M/s. Kay Em Cop…
The loan account of the…