The case involves an application filed by State Bank of India under Section 95 read with Rule 7(2) of the IBC, seeking to initiate the Insolvency Resolution Process against Mr. Sameer Ahmad Khan, a personal guarantor to the loan facility availed by M/s. Multiwal Pulp and Board Mills Private Limited. The corporate debtor's resolution plan has already been approved by the CoC. The applicant contends that the corporate debtor failed to adhere to financial discipline, leading to SBI issuing a legal demand notice on 07.08.2015. Despite this, the outstanding amount remained unpaid. SBI subsequently filed an Original Application before the Debts Recovery Tribunal, which is still pending.
State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Sameer Ahmad Khan, who is a personal guarantor for the loan availed by M/s. Multiwal Pulp & Board Mills Private Limited. The corporate debtor, M/s. Multiwal Pulp & Board Mills Private Limited, had its resolution plan already approved by the Committee of Creditors (CoC). SBI issued a legal demand notice to the corporate debtor and guarantors on 07.08.2015, but the outstanding amount remained unpaid. SBI then filed an Original Application before the Debts Recovery Tribunal (DRT), which is still pending. In 2017, the corporate debtor and guarantor approached SBI for a settlement, which SBI accepted on 14.03.2017. However, the settlement failed
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SBI sent a Legal Demand Notice to Corporate…
SBI accepted the…
The case involves an application filed by State Bank of India under Section 95 read with Rule 7(2) of the IBC, seeking to initiate the Insolvency Resolution Process against Mr. Sameer Ahmad Khan, a personal guarantor to the loan facility availed by M/s. Multiwal Pulp and Board Mills Private Limited. The corporate debtor's resolution plan has already been approved by the CoC. The applicant contends that the corporate debtor failed to adhere to financial discipline, leading to SBI issuing a legal demand notice on 07.08.2015. Despite this, the outstanding amount remained unpaid. SBI subsequently filed an Original Application before the Debts Recovery Tribunal, which is still pending.
State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Sameer Ahmad Khan, who is a personal guarantor for the loan availed by M/s. Multiwal Pulp & Board Mills Private Limited. The corporate debtor, M/s. Multiwal Pulp & Board Mills Private Limited, had its resolution plan already approved by the Committee of Creditors (CoC). SBI issued a legal demand notice to the corporate debtor and guarantors on 07.08.2015, but the outstanding amount remained unpaid. SBI then filed an Original Application before the Debts Recovery Tribunal (DRT), which is still pending. In 2017, the corporate debtor and guarantor approached SBI for a settlement, which SBI accepted on 14.03.2017. However, the settlement failed
…SBI sent a Legal Demand Notice to Corporate…
SBI accepted the…