The case involves an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 by State Bank of India against the personal guarantor, S. Kamalam, of M/s. Aqua Designs India Private Limited, the Corporate Debtor. CIRP had been initiated against the Corporate Debtor vide order dated 17.10.2018, and subsequently, the Corporate Debtor was ordered for liquidation vide order dated 23.12.2019. The application was filed by the Financial Creditor, Assistant General Manager, State Bank of India, Stressed Assets Management Branch, Chennai.
State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against S. Kamalam, the personal guarantor of M/s. Aqua Designs India Private Limited. Aqua Designs India Private Limited is the Corporate Debtor. CIRP was initiated against the Corporate Debtor on 17.10.2018, and subsequently, the Corporate Debtor was ordered for liquidation on 23.12.2019. The date of default is 24.04.2018. A demand notice was issued to the Personal Guarantor on 28.05.2021. The application was filed by the Financial Creditor, State Bank of India, Stressed Assets Management Branch, Chennai. The Hon'ble NCLAT has held that once an Application under Section 95 of IBC, 2016 is filed, the Adjudicating Authority has to act on it.
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CIRP was initiated…
The Corporate Debtor…
The case involves an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 by State Bank of India against the personal guarantor, S. Kamalam, of M/s. Aqua Designs India Private Limited, the Corporate Debtor. CIRP had been initiated against the Corporate Debtor vide order dated 17.10.2018, and subsequently, the Corporate Debtor was ordered for liquidation vide order dated 23.12.2019. The application was filed by the Financial Creditor, Assistant General Manager, State Bank of India, Stressed Assets Management Branch, Chennai.
State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against S. Kamalam, the personal guarantor of M/s. Aqua Designs India Private Limited. Aqua Designs India Private Limited is the Corporate Debtor. CIRP was initiated against the Corporate Debtor on 17.10.2018, and subsequently, the Corporate Debtor was ordered for liquidation on 23.12.2019. The date of default is 24.04.2018. A demand notice was issued to the Personal Guarantor on 28.05.2021. The application was filed by the Financial Creditor, State Bank of India, Stressed Assets Management Branch, Chennai. The Hon'ble NCLAT has held that once an Application under Section 95 of IBC, 2016 is filed, the Adjudicating Authority has to act on it.
CIRP was initiated…
The Corporate Debtor…