The case involves a petition filed by State Bank of India (SBI) under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Ramesh Kumar Agarwal, a personal guarantor to M/s. Rythem Overseas Trade Limited (ROTL). ROTL had received various credit facilities from SBI, but defaulted on repayments, leading to SBI classifying the account as a non-performing asset (NPA). ROTL was admitted into CIRP and is now under liquidation. SBI seeks to initiate insolvency resolution process against the personal guarantor, Ramesh Kumar Agarwal, due to the default by ROTL.
State Bank of India (SBI) extended various credit facilities to M/s. Rythem Overseas Trade Limited (ROTL). Ramesh Kumar Agarwal acted as a personal guarantor for these facilities. ROTL defaulted on its repayment obligations, leading SBI to classify the account as a Non-Performing Asset (NPA) on 15.12.2013. SBI issued a statutory demand notice under Section 13(2) and a possession notice under Section 13(4) of the SARFAESI Act. ROTL was admitted into Corporate Insolvency Resolution Process (CIRP) and is now under liquidation as of 18.02.2022. SBI filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Ramesh Kumar Agarwal, seeking to initiate insolvency resolution process against him as the personal guarantor. The personal
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State Bank of India…
SBI issued a statutory…
The case involves a petition filed by State Bank of India (SBI) under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Ramesh Kumar Agarwal, a personal guarantor to M/s. Rythem Overseas Trade Limited (ROTL). ROTL had received various credit facilities from SBI, but defaulted on repayments, leading to SBI classifying the account as a non-performing asset (NPA). ROTL was admitted into CIRP and is now under liquidation. SBI seeks to initiate insolvency resolution process against the personal guarantor, Ramesh Kumar Agarwal, due to the default by ROTL.
State Bank of India (SBI) extended various credit facilities to M/s. Rythem Overseas Trade Limited (ROTL). Ramesh Kumar Agarwal acted as a personal guarantor for these facilities. ROTL defaulted on its repayment obligations, leading SBI to classify the account as a Non-Performing Asset (NPA) on 15.12.2013. SBI issued a statutory demand notice under Section 13(2) and a possession notice under Section 13(4) of the SARFAESI Act. ROTL was admitted into Corporate Insolvency Resolution Process (CIRP) and is now under liquidation as of 18.02.2022. SBI filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Ramesh Kumar Agarwal, seeking to initiate insolvency resolution process against him as the personal guarantor. The personal
…State Bank of India…
SBI issued a statutory…