The State Bank of India ('Creditor'/'Applicant') filed an application to initiate Insolvency Resolution Process against Shri Rajendra Prasad Maheshwari ('Personal Guarantor'/'Respondent') under Section 95 of the Insolvency and Bankruptcy Code, 2016 ('IBC'/'Code') 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. The Personal Guarantor had provided a personal guarantee for loans availed by M/s Suzuki Textiles Ltd ('Corporate Debtor'). The corporate debtor's account was declared NPA on 02.06.2017, and the creditor issued a notice under Section 13(2) of SARFAESI Act, 2002 on 30.07.2019.
State Bank of India filed an application to initiate Insolvency Resolution Process against Shri Rajendra Prasad Maheshwari, who acted as a personal guarantor for loans availed by M/s Suzuki Textiles Ltd. The corporate debtor's account was declared NPA on 02.06.2017, leading to a notice under Section 13(2) of SARFAESI Act, 2002, on 30.07.2019. The corporate debtor and its guarantors failed to repay a demand of Rs. 62.18 Crores, resulting in a legal notice on 28.11.2019. SBI also filed an Original Application 517/2020 before the Debt Recovery Tribunal, Jaipur. An Operational Creditor, M/s Sangam (India) Ltd., initiated insolvency proceedings against the Corporate Debtor under Section 9 of the Code, which was admitted on 31.01.2022. SBI filed a claim of Rs.
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The account of the Corporate Debtor, M/s…
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The State Bank of India ('Creditor'/'Applicant') filed an application to initiate Insolvency Resolution Process against Shri Rajendra Prasad Maheshwari ('Personal Guarantor'/'Respondent') under Section 95 of the Insolvency and Bankruptcy Code, 2016 ('IBC'/'Code') 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. The Personal Guarantor had provided a personal guarantee for loans availed by M/s Suzuki Textiles Ltd ('Corporate Debtor'). The corporate debtor's account was declared NPA on 02.06.2017, and the creditor issued a notice under Section 13(2) of SARFAESI Act, 2002 on 30.07.2019.
State Bank of India filed an application to initiate Insolvency Resolution Process against Shri Rajendra Prasad Maheshwari, who acted as a personal guarantor for loans availed by M/s Suzuki Textiles Ltd. The corporate debtor's account was declared NPA on 02.06.2017, leading to a notice under Section 13(2) of SARFAESI Act, 2002, on 30.07.2019. The corporate debtor and its guarantors failed to repay a demand of Rs. 62.18 Crores, resulting in a legal notice on 28.11.2019. SBI also filed an Original Application 517/2020 before the Debt Recovery Tribunal, Jaipur. An Operational Creditor, M/s Sangam (India) Ltd., initiated insolvency proceedings against the Corporate Debtor under Section 9 of the Code, which was admitted on 31.01.2022. SBI filed a claim of Rs.
…The account of the Corporate Debtor, M/s…
The Creditor issued a notice under Section…