The State Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against Ms. S. Uma Maheshwari, who acted as a personal guarantor for the loans availed by M/s. MP Shan Tex Clothing Pvt. Ltd. The date of default was specified as 2019-07-29, and the application was filed before the tribunal on 2022-07-29. The applicant claimed a default amount of INR 66,15,65,098.06 together with interest. The Corporate Debtor committed default in repaying the loan amount, leading to the loan accounts becoming NPA. The Financial Creditor had previously filed OA No. 124/2015 before DRT Coimbatore, which resulted in a recovery certificate DRC No. 433/2019 being issued.
State Bank of India (SBI) filed an application CP(IB)/179(CHE)/2022 under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate insolvency resolution against S. Uma Maheshwari, the personal guarantor for loans availed by M/s. MP Shan Tex Clothing Pvt. Ltd. SBI claimed a default of INR 66,15,65,098.06 as of 2022-06-30. The loans were sanctioned to MP Shan Tex Clothing Pvt. Ltd. on 2013-03-08, with SBI being the sole banker. Uma Maheshwari, along with other individuals, guaranteed the loan repayment. The Corporate Debtor defaulted, leading to the account being classified as NPA. SBI had previously filed OA No. 124/2015 before DRT Coimbatore, obtaining a final order on 2018-03-06 and a recovery certificate DRC No. 433/2019 issued on 2019-07-29. SBI
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SBI sanctioned credit…
Personal guarantee was executed by the…
The State Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against Ms. S. Uma Maheshwari, who acted as a personal guarantor for the loans availed by M/s. MP Shan Tex Clothing Pvt. Ltd. The date of default was specified as 2019-07-29, and the application was filed before the tribunal on 2022-07-29. The applicant claimed a default amount of INR 66,15,65,098.06 together with interest. The Corporate Debtor committed default in repaying the loan amount, leading to the loan accounts becoming NPA. The Financial Creditor had previously filed OA No. 124/2015 before DRT Coimbatore, which resulted in a recovery certificate DRC No. 433/2019 being issued.
State Bank of India (SBI) filed an application CP(IB)/179(CHE)/2022 under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate insolvency resolution against S. Uma Maheshwari, the personal guarantor for loans availed by M/s. MP Shan Tex Clothing Pvt. Ltd. SBI claimed a default of INR 66,15,65,098.06 as of 2022-06-30. The loans were sanctioned to MP Shan Tex Clothing Pvt. Ltd. on 2013-03-08, with SBI being the sole banker. Uma Maheshwari, along with other individuals, guaranteed the loan repayment. The Corporate Debtor defaulted, leading to the account being classified as NPA. SBI had previously filed OA No. 124/2015 before DRT Coimbatore, obtaining a final order on 2018-03-06 and a recovery certificate DRC No. 433/2019 issued on 2019-07-29. SBI
…SBI sanctioned credit…
Personal guarantee was executed by the…