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. Ratneshwar Kumar Maheshwari, of M/s Suzuki Textiles Limited, the Corporate Debtor. The creditor had filed the main application CP No. (IB)-80/95/JPR/2022 under Section 95 of the Code, seeking initiation of IRP against the Personal Guarantor for an amount of Rs. 80,77,57,655.84. The Adjudicating Authority had appointed Mr. Satyendra Prasad Khorania
…The Corporate Debtor, M/s Suzuki Textiles Limited, had been granted various credit facilities by State Bank of India and other consortium lenders. These credit facilities became irregular, leading to the classification of the debts as non-performing assets (NPA) on various dates starting from October 2016 to June 2017. State Bank of India, as the lead bank of the consortium, issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, for an amount of Rs. 144,57,96,998 to all borrowers, including Mr. Ratneshwar Kumar Maheshwari, the Personal Guarantor. IDBI Bank also issued a separate notice dated 29.06.2019 for invocation of guarantee to the tune of Rs. 19,60,28,516 to the Personal Guarantor. The Resolution Professional sought clarifications and information
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Application bearing IA(IBC) No. 13/JPR/2024…
CIRP proceedings against…
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. Ratneshwar Kumar Maheshwari, of M/s Suzuki Textiles Limited, the Corporate Debtor. The creditor had filed the main application CP No. (IB)-80/95/JPR/2022 under Section 95 of the Code, seeking initiation of IRP against the Personal Guarantor for an amount of Rs. 80,77,57,655.84. The Adjudicating Authority had appointed Mr. Satyendra Prasad Khorania
…The Corporate Debtor, M/s Suzuki Textiles Limited, had been granted various credit facilities by State Bank of India and other consortium lenders. These credit facilities became irregular, leading to the classification of the debts as non-performing assets (NPA) on various dates starting from October 2016 to June 2017. State Bank of India, as the lead bank of the consortium, issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, for an amount of Rs. 144,57,96,998 to all borrowers, including Mr. Ratneshwar Kumar Maheshwari, the Personal Guarantor. IDBI Bank also issued a separate notice dated 29.06.2019 for invocation of guarantee to the tune of Rs. 19,60,28,516 to the Personal Guarantor. The Resolution Professional sought clarifications and information
…Application bearing IA(IBC) No. 13/JPR/2024…
CIRP proceedings against…