The State Bank of India, acting as the Financial Creditor, initiated a Company Petition (IB/122/2023) under Section 123 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to commence bankruptcy proceedings against Mrs. Rita Parikh, the Personal Guarantor of the Corporate Debtor, M/s. Parikh Fabrics Private Limited. The Corporate Debtor had availed financial assistance, with Mrs. Parikh acting as a guarantor. The Corporate Debtor's account was declared NPA on 30.08.2011, and attempts to settle the accounts under OTS in 2016 were unsuccessful. The Corporate Debtor also faced liquidation proceedings initiated
…State Bank of India (SBI) filed a petition under Section 123 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate bankruptcy proceedings against Mrs. Rita Parikh, the personal guarantor of M/s. Parikh Fabrics Private Limited, the corporate debtor. The corporate debtor availed financial assistance, and Mrs. Parikh stood as guarantor to secure the repayment. The corporate debtor defaulted on its loan obligations, leading to its account being declared a Non-Performing Asset (NPA) on 30.08.2011. An opportunity for a One-Time Settlement (OTS) was provided in 2016, but it was unsuccessful. SBI issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 31.07.2013, and filed OA No.188/2014 before the Debts Recovery Tribunal (DRT), Hyderabad, to
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The State Bank of India, acting as the Financial Creditor, initiated a Company Petition (IB/122/2023) under Section 123 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to commence bankruptcy proceedings against Mrs. Rita Parikh, the Personal Guarantor of the Corporate Debtor, M/s. Parikh Fabrics Private Limited. The Corporate Debtor had availed financial assistance, with Mrs. Parikh acting as a guarantor. The Corporate Debtor's account was declared NPA on 30.08.2011, and attempts to settle the accounts under OTS in 2016 were unsuccessful. The Corporate Debtor also faced liquidation proceedings initiated
…State Bank of India (SBI) filed a petition under Section 123 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate bankruptcy proceedings against Mrs. Rita Parikh, the personal guarantor of M/s. Parikh Fabrics Private Limited, the corporate debtor. The corporate debtor availed financial assistance, and Mrs. Parikh stood as guarantor to secure the repayment. The corporate debtor defaulted on its loan obligations, leading to its account being declared a Non-Performing Asset (NPA) on 30.08.2011. An opportunity for a One-Time Settlement (OTS) was provided in 2016, but it was unsuccessful. SBI issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 31.07.2013, and filed OA No.188/2014 before the Debts Recovery Tribunal (DRT), Hyderabad, to
…The account of the…
A demand notice under…