The case pertains to an application filed by State Bank of India (SBI) under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Insolvency Resolution Process against Mr. Ramniwas Dhoot, the personal guarantor to the corporate debtor, M/s IMP Powers Ltd. The corporate debtor availed financial assistance under consortium lending, with SBI being one of the lenders. The corporate debtor defaulted on its loan obligations, leading to its classification as NPA on 10.04.2021. Subsequently, the corporate debtor was admitted into CIRP on 29.03.2022 and later ordered for liquidation on 19.12.2023. SBI invoked the personal guarantee of Mr. Ramniwas Dhoot, issuing a recall notice and demand notice for the outstanding amount of Rs.
…1. 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. Ramniwas Dhoot, the personal guarantor to the corporate debtor, M/s IMP Powers Ltd.
2. M/s IMP Powers Ltd. availed financial assistance under consortium lending, with SBI being one of the lenders, with sanctioned credit facilities aggregating to Rs.358.18 Crore.
3. The Corporate Debtor executed various loan/security documents on 22.04.2019, 07.04.2020, 09.04.2020, 16.02.2021, in favor of the Applicant Bank.
4. Mr. Ramniwas Dhoot executed a joint Deed of Guarantee on 16.02.2021 for an amount of Rs. 1,83,15,00,000/- to secure the credit facilities granted to the Corporate Debtor.
5. The Corporate
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Loan accounts of the…
The Corporate Debtor, IMP Powers Limited,…
The case pertains to an application filed by State Bank of India (SBI) under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Insolvency Resolution Process against Mr. Ramniwas Dhoot, the personal guarantor to the corporate debtor, M/s IMP Powers Ltd. The corporate debtor availed financial assistance under consortium lending, with SBI being one of the lenders. The corporate debtor defaulted on its loan obligations, leading to its classification as NPA on 10.04.2021. Subsequently, the corporate debtor was admitted into CIRP on 29.03.2022 and later ordered for liquidation on 19.12.2023. SBI invoked the personal guarantee of Mr. Ramniwas Dhoot, issuing a recall notice and demand notice for the outstanding amount of Rs.
…1. 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. Ramniwas Dhoot, the personal guarantor to the corporate debtor, M/s IMP Powers Ltd.
2. M/s IMP Powers Ltd. availed financial assistance under consortium lending, with SBI being one of the lenders, with sanctioned credit facilities aggregating to Rs.358.18 Crore.
3. The Corporate Debtor executed various loan/security documents on 22.04.2019, 07.04.2020, 09.04.2020, 16.02.2021, in favor of the Applicant Bank.
4. Mr. Ramniwas Dhoot executed a joint Deed of Guarantee on 16.02.2021 for an amount of Rs. 1,83,15,00,000/- to secure the credit facilities granted to the Corporate Debtor.
5. The Corporate
Loan accounts of the…
The Corporate Debtor, IMP Powers Limited,…