The State Bank of India (SBI), as a Financial Creditor, initiated an insolvency resolution process against Mr. S. Ravindranathan, the Personal Guarantor of MPL Cars Private Limited (Corporate Debtor). The Corporate Debtor had availed cash credit loan facilities from SBI, and Mr. Ravindranathan had provided a personal guarantee for these facilities. The Corporate Debtor defaulted on its payments, leading to its admission into CIRP on 13.08.2019 and subsequent dissolution on 12.07.2024. SBI filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the insolvency resolution process against the Personal Guarantor.
State Bank of India (SBI) extended cash credit loan facilities to MPL Cars Private Limited, the Corporate Debtor, under an Electronic Dealer Finance Scheme (e-DFS). Mr. S. Ravindranathan provided a personal guarantee for these facilities. The Corporate Debtor defaulted on its payments, with the date of default specified as 06.03.2019. SBI initiated SARFAESI proceedings against the mortgaged security interest belonging to Mr. S Ashok, another guarantor, and recovered a sum of Rs.3,57,00,000/- through auction. SBI issued a demand notice to the guarantors on 10.03.2020. The Corporate Debtor was admitted into CIRP on 13.08.2019 and subsequently ordered into dissolution on 12.07.2024. The total outstanding debt as of 05.02.2024 was Rs.48,97,59,953/-. The Personal Guarantor
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SBI sanctioned e-DFS…
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The State Bank of India (SBI), as a Financial Creditor, initiated an insolvency resolution process against Mr. S. Ravindranathan, the Personal Guarantor of MPL Cars Private Limited (Corporate Debtor). The Corporate Debtor had availed cash credit loan facilities from SBI, and Mr. Ravindranathan had provided a personal guarantee for these facilities. The Corporate Debtor defaulted on its payments, leading to its admission into CIRP on 13.08.2019 and subsequent dissolution on 12.07.2024. SBI filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the insolvency resolution process against the Personal Guarantor.
State Bank of India (SBI) extended cash credit loan facilities to MPL Cars Private Limited, the Corporate Debtor, under an Electronic Dealer Finance Scheme (e-DFS). Mr. S. Ravindranathan provided a personal guarantee for these facilities. The Corporate Debtor defaulted on its payments, with the date of default specified as 06.03.2019. SBI initiated SARFAESI proceedings against the mortgaged security interest belonging to Mr. S Ashok, another guarantor, and recovered a sum of Rs.3,57,00,000/- through auction. SBI issued a demand notice to the guarantors on 10.03.2020. The Corporate Debtor was admitted into CIRP on 13.08.2019 and subsequently ordered into dissolution on 12.07.2024. The total outstanding debt as of 05.02.2024 was Rs.48,97,59,953/-. The Personal Guarantor
…SBI sanctioned e-DFS…
Specified date of…