The State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Ms. Sanjay Singal, a personal guarantor to the corporate debtor, M/s Bhushan Power and Steel Limited (BPSL). The application was filed due to the default committed by BPSL, for which Ms. Singal had provided a personal guarantee. The Resolution Professional (RP) submitted reports recommending the acceptance of SBI's application. Ms. Singal raised objections, contending that the application was barred by limitation, the valuation of the corporate debtor was incorrect, and the claim amount was wrongly calculated. The Adjudicating Authority considered these objections and the RP's reports to determine whether to admit the application for insolvency
…State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Ms. Sanjay Singal, who is a personal guarantor for the Corporate Debtor, M/s Bhushan Power and Steel Limited (BPSL). BPSL defaulted on loan facilities availed from a consortium of banks, including SBI. Ms. Singal had extended personal guarantees for the repayment of these facilities. SBI invoked the personal guarantee and issued demand notices to Ms. Singal, seeking repayment of the outstanding dues, which amounted to INR 12275,91,01,862/- as of August 31, 2020. BPSL was admitted into Corporate Insolvency Resolution Process (CIRP) on July 26, 2017, and a resolution plan submitted by JSW Steel Limited was approved on September 5, 2019. SBI received INR
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Gazette Notification dated February 22, 2017,…
Corporate Debtor, BPSL admitted to Corporate…
The State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Ms. Sanjay Singal, a personal guarantor to the corporate debtor, M/s Bhushan Power and Steel Limited (BPSL). The application was filed due to the default committed by BPSL, for which Ms. Singal had provided a personal guarantee. The Resolution Professional (RP) submitted reports recommending the acceptance of SBI's application. Ms. Singal raised objections, contending that the application was barred by limitation, the valuation of the corporate debtor was incorrect, and the claim amount was wrongly calculated. The Adjudicating Authority considered these objections and the RP's reports to determine whether to admit the application for insolvency
…State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Ms. Sanjay Singal, who is a personal guarantor for the Corporate Debtor, M/s Bhushan Power and Steel Limited (BPSL). BPSL defaulted on loan facilities availed from a consortium of banks, including SBI. Ms. Singal had extended personal guarantees for the repayment of these facilities. SBI invoked the personal guarantee and issued demand notices to Ms. Singal, seeking repayment of the outstanding dues, which amounted to INR 12275,91,01,862/- as of August 31, 2020. BPSL was admitted into Corporate Insolvency Resolution Process (CIRP) on July 26, 2017, and a resolution plan submitted by JSW Steel Limited was approved on September 5, 2019. SBI received INR
…Gazette Notification dated February 22, 2017,…
Corporate Debtor, BPSL admitted to Corporate…