State Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Shri Rajendra Prasad Maheshwari, the Personal Guarantor, for loans availed by M/s Suzuki Textiles Ltd, the Corporate Debtor. The Corporate Debtor's account was declared NPA on 02.06.2017, and a notice under Section 13(2) of the SARFAESI Act, 2002, was issued on 30.07.2019. The Corporate Debtor defaulted on repayment, leading to the invocation of the personal guarantee. An operational creditor, M/s Sangam (India) Ltd., had previously filed an application under Section 9 of the Code against the Corporate Debtor, which was admitted on 31.01.2022. SBI filed its claim before the Resolution Professional, and the
…State Bank of India (SBI) filed an application to initiate Insolvency Resolution Process against Shri Rajendra Prasad Maheshwari, who acted as the Personal Guarantor for loans availed by M/s Suzuki Textiles Ltd, the Corporate Debtor. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 02.06.2017. SBI issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 30.07.2019, demanding repayment. The Corporate Debtor and its guarantors failed to repay Rs. 62.18 Crores, leading to 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., had initiated insolvency proceedings against the Corporate Debtor under Section 9 of the IBC,
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The account of the Corporate Debtor, M/s…
The Creditor, State Bank of India, issued a…
State Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Shri Rajendra Prasad Maheshwari, the Personal Guarantor, for loans availed by M/s Suzuki Textiles Ltd, the Corporate Debtor. The Corporate Debtor's account was declared NPA on 02.06.2017, and a notice under Section 13(2) of the SARFAESI Act, 2002, was issued on 30.07.2019. The Corporate Debtor defaulted on repayment, leading to the invocation of the personal guarantee. An operational creditor, M/s Sangam (India) Ltd., had previously filed an application under Section 9 of the Code against the Corporate Debtor, which was admitted on 31.01.2022. SBI filed its claim before the Resolution Professional, and the
…State Bank of India (SBI) filed an application to initiate Insolvency Resolution Process against Shri Rajendra Prasad Maheshwari, who acted as the Personal Guarantor for loans availed by M/s Suzuki Textiles Ltd, the Corporate Debtor. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 02.06.2017. SBI issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 30.07.2019, demanding repayment. The Corporate Debtor and its guarantors failed to repay Rs. 62.18 Crores, leading to 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., had initiated insolvency proceedings against the Corporate Debtor under Section 9 of the IBC,
…The account of the Corporate Debtor, M/s…
The Creditor, State Bank of India, issued a…