The case pertains to an application filed by the Resolution Professional, Mr. Satyendra P. Khorania, under Section 99(1) read with Section 99(7) of the Insolvency and Bankruptcy Code, 2016 (IBC), recommending the admission of an application filed by State Bank of India (SBI), the Creditor, under Section 95 of the Code. SBI sought the commencement of the Insolvency Resolution Process (IRP) against the Personal Guarantor, Mr. Rajendra Prasad Maheshwari, of M/s Suzuki Textiles Limited, the Corporate Debtor. The creditor had filed the main application under Section 95 of the Code 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, seeking
…The State Bank of India (SBI), acting as the lead bank of a consortium, extended credit facilities to Suzuki Textiles Limited ('Corporate Debtor'). These facilities became irregular, leading to the classification of the debts as non-performing assets (NPA). SBI initiated proceedings under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Mr. Rajendra Prasad Maheshwari ('Personal Guarantor'), who had provided a personal guarantee for the Corporate Debtor's debts. The creditor filed the main application under Section 95 of the Code 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, seeking initiation of IRP against the Personal
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Adjudicating Authority appointed Mr.…
State Bank of India (Lead Bank of the…
The case pertains to an application filed by the Resolution Professional, Mr. Satyendra P. Khorania, under Section 99(1) read with Section 99(7) of the Insolvency and Bankruptcy Code, 2016 (IBC), recommending the admission of an application filed by State Bank of India (SBI), the Creditor, under Section 95 of the Code. SBI sought the commencement of the Insolvency Resolution Process (IRP) against the Personal Guarantor, Mr. Rajendra Prasad Maheshwari, of M/s Suzuki Textiles Limited, the Corporate Debtor. The creditor had filed the main application under Section 95 of the Code 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, seeking
…The State Bank of India (SBI), acting as the lead bank of a consortium, extended credit facilities to Suzuki Textiles Limited ('Corporate Debtor'). These facilities became irregular, leading to the classification of the debts as non-performing assets (NPA). SBI initiated proceedings under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Mr. Rajendra Prasad Maheshwari ('Personal Guarantor'), who had provided a personal guarantee for the Corporate Debtor's debts. The creditor filed the main application under Section 95 of the Code 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, seeking initiation of IRP against the Personal
…Adjudicating Authority appointed Mr.…
State Bank of India (Lead Bank of the…