The 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. Pritesh Jayantilal Karia, the Personal Guarantor, for 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 stood as Guarantor in respect of repayment of interest, cost, charges, and other expenses in respect of a Deed of
…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. Pritesh Jayantilal Karia, the Personal Guarantor, for 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 guarantor for the repayment of interest, costs, charges, and other expenses related to a Deed of Guarantee in favor of an SBI-led consortium of banks. The Corporate Insolvency Resolution Process (CIRP) for the Corporate Debtor was initiated on 09.11.2020. SBI issued a sanction letter on 11.05.2012 for restructuring funds-based working capital
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SBI led Consortium issued sanction letter…
PNB Investment Services Limited agreed to…
The 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. Pritesh Jayantilal Karia, the Personal Guarantor, for 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 stood as Guarantor in respect of repayment of interest, cost, charges, and other expenses in respect of a Deed of
…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. Pritesh Jayantilal Karia, the Personal Guarantor, for 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 guarantor for the repayment of interest, costs, charges, and other expenses related to a Deed of Guarantee in favor of an SBI-led consortium of banks. The Corporate Insolvency Resolution Process (CIRP) for the Corporate Debtor was initiated on 09.11.2020. SBI issued a sanction letter on 11.05.2012 for restructuring funds-based working capital
…SBI led Consortium issued sanction letter…
PNB Investment Services Limited agreed to…