The case involves an application filed by the State Bank of India under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution Process against Rishi Kamlesh Agarwal, the personal guarantor to the corporate debtor, Vadraj Energy Limited. Vadraj Energy Limited was admitted into CIRP on 08.01.2020. The Resolution Professional (RP) was appointed, and a report was filed recommending the admission of the application. The application was filed due to the non-payment of dues by the corporate debtor, for which the personal guarantee was invoked. The proceedings were initially put on hold pending the Supreme Court's decision on the constitutional validity of Sections 94 to 100 of the IBC, which pertain to the insolvency of personal
…State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Rishi Kamlesh Agarwal, who is the personal guarantor for Vadraj Energy Limited. Vadraj Energy Limited, the corporate debtor, was admitted into Corporate Insolvency Resolution Process (CIRP) on 08.01.2020. A Common Loan Agreement was executed on 28.06.2010 between Vadraj Energy Limited and several banks, including SBI. A Deed of Guarantee was executed on 31.12.2012 by Rishi Kamlesh Agarwal in favor of SBI. The corporate debtor acknowledged the debt through Balance Confirmation certificates, including one dated 19.06.2017. SBI issued a recall notice on 16.11.2017 and invoked the guarantee. The application under Section 95 was filed in 2021. The
…Sign in to view the parties.
Common Loan Agreement dated 28.06.2010 was…
Deed of Guarantee was executed on 31.12.2012…
The case involves an application filed by the State Bank of India under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution Process against Rishi Kamlesh Agarwal, the personal guarantor to the corporate debtor, Vadraj Energy Limited. Vadraj Energy Limited was admitted into CIRP on 08.01.2020. The Resolution Professional (RP) was appointed, and a report was filed recommending the admission of the application. The application was filed due to the non-payment of dues by the corporate debtor, for which the personal guarantee was invoked. The proceedings were initially put on hold pending the Supreme Court's decision on the constitutional validity of Sections 94 to 100 of the IBC, which pertain to the insolvency of personal
…State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Rishi Kamlesh Agarwal, who is the personal guarantor for Vadraj Energy Limited. Vadraj Energy Limited, the corporate debtor, was admitted into Corporate Insolvency Resolution Process (CIRP) on 08.01.2020. A Common Loan Agreement was executed on 28.06.2010 between Vadraj Energy Limited and several banks, including SBI. A Deed of Guarantee was executed on 31.12.2012 by Rishi Kamlesh Agarwal in favor of SBI. The corporate debtor acknowledged the debt through Balance Confirmation certificates, including one dated 19.06.2017. SBI issued a recall notice on 16.11.2017 and invoked the guarantee. The application under Section 95 was filed in 2021. The
…Common Loan Agreement dated 28.06.2010 was…
Deed of Guarantee was executed on 31.12.2012…