The case involves multiple petitions (CP(IBC)/15/KOB/2022, CP(IBC)/16/KOB/2022, CP(IBC)/17/KOB/2022, CP(IBC)/18/KOB/2022, CP(IBC)/19/KOB/2022) filed by State Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, against personal guarantors of the Corporate Debtor, M/s. Propyl Packaging Limited. The Corporate Insolvency Resolution Process (CIRP) had already been initiated against the Corporate Debtor, followed by a liquidation order due to the absence of a resolution plan.
State Bank of India (SBI) sanctioned credit facilities to M/s. Propyl Packaging Limited, including an overdraft facility of Rs 7.05 Crore and an International Letter of Credit Facility of Rs.4.70 Crore. These facilities were secured by a mortgage of properties under SBI asset-backed loan and a letter of arrangement dated 28.11.2014. The Corporate Debtor executed a loan cum hypothecation agreement dated 05.12.2014 and a demand promissory note dated 05.12.2014. The credit facilities were enhanced to 16.80 Crore by a letter of arrangement dated 07.01.2017. The Corporate Debtor defaulted in the loan account, leading to the account being declared as NPA on 09.09.2018. SBI issued a notice under Section 13(2) of the SARFEASI Act on 05.11.2018 against the Corporate Debtor and
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Corporate Insolvency…
Order of liquidation…
The case involves multiple petitions (CP(IBC)/15/KOB/2022, CP(IBC)/16/KOB/2022, CP(IBC)/17/KOB/2022, CP(IBC)/18/KOB/2022, CP(IBC)/19/KOB/2022) filed by State Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, against personal guarantors of the Corporate Debtor, M/s. Propyl Packaging Limited. The Corporate Insolvency Resolution Process (CIRP) had already been initiated against the Corporate Debtor, followed by a liquidation order due to the absence of a resolution plan.
State Bank of India (SBI) sanctioned credit facilities to M/s. Propyl Packaging Limited, including an overdraft facility of Rs 7.05 Crore and an International Letter of Credit Facility of Rs.4.70 Crore. These facilities were secured by a mortgage of properties under SBI asset-backed loan and a letter of arrangement dated 28.11.2014. The Corporate Debtor executed a loan cum hypothecation agreement dated 05.12.2014 and a demand promissory note dated 05.12.2014. The credit facilities were enhanced to 16.80 Crore by a letter of arrangement dated 07.01.2017. The Corporate Debtor defaulted in the loan account, leading to the account being declared as NPA on 09.09.2018. SBI issued a notice under Section 13(2) of the SARFEASI Act on 05.11.2018 against the Corporate Debtor and
…Corporate Insolvency…
Order of liquidation…