The State Bank of India filed an application under Section 95 r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantor to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against the Respondent/Guarantor, Smt. Preeti Saxena, who stood as Personal Guarantor to the credit facilities availed by the Corporate Debtor, M/s Zillion Infraprojects Pvt. Ltd. The total outstanding debt was Rs. 90,73,78,607.30. The applicant/financial creditor first sanctioned financial assistance to the extent of Rs. 17 Crores vide Sanction Letter dated 23.08.2006 to the Corporate Debtor M/s Zillion Infraprojects Pvt. Ltd. This was reviewed/enhanced from time to time by executing loan
…State Bank of India (SBI) sanctioned financial assistance to M/s Zillion Infraprojects Pvt. Ltd. (Corporate Debtor) to the extent of Rs. 17 Crores on 23.08.2006. This was reviewed and enhanced over time, with the last loan sanction being Rs. 100 crores on 15.03.2017. Smt. Preeti Saxena acted as the personal guarantor for the credit facilities availed by the Corporate Debtor. The Corporate Debtor defaulted, and the account was classified as NPA. SBI issued a demand notice on 14.06.2018 for Rs. 44.88 crores, but the amount remained unpaid. An application under Section 7 of the IB Code filed by L & T Finance Limited for CIRP against Zillion Infraprojects was admitted on 05.02.2019. SBI invoked the guarantee on 09.09.2021. Smt. Preeti Saxena responded on 28.09.2021,
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State Bank of India sanctioned financial…
Last loan sanction of…
The State Bank of India filed an application under Section 95 r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantor to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against the Respondent/Guarantor, Smt. Preeti Saxena, who stood as Personal Guarantor to the credit facilities availed by the Corporate Debtor, M/s Zillion Infraprojects Pvt. Ltd. The total outstanding debt was Rs. 90,73,78,607.30. The applicant/financial creditor first sanctioned financial assistance to the extent of Rs. 17 Crores vide Sanction Letter dated 23.08.2006 to the Corporate Debtor M/s Zillion Infraprojects Pvt. Ltd. This was reviewed/enhanced from time to time by executing loan
…State Bank of India (SBI) sanctioned financial assistance to M/s Zillion Infraprojects Pvt. Ltd. (Corporate Debtor) to the extent of Rs. 17 Crores on 23.08.2006. This was reviewed and enhanced over time, with the last loan sanction being Rs. 100 crores on 15.03.2017. Smt. Preeti Saxena acted as the personal guarantor for the credit facilities availed by the Corporate Debtor. The Corporate Debtor defaulted, and the account was classified as NPA. SBI issued a demand notice on 14.06.2018 for Rs. 44.88 crores, but the amount remained unpaid. An application under Section 7 of the IB Code filed by L & T Finance Limited for CIRP against Zillion Infraprojects was admitted on 05.02.2019. SBI invoked the guarantee on 09.09.2021. Smt. Preeti Saxena responded on 28.09.2021,
…State Bank of India sanctioned financial…
Last loan sanction of…