The case involves an application filed by State Bank of India, through Resolution Professional Mr. Mahesh Sureka, under Section 95 of the Insolvency & Bankruptcy Code, 2016, read with Rule 7 of the IBC Rules 2019, against Ms. Savita Gowda, the Personal Guarantor of the Corporate Debtor, Sharon Bio-Medicine Ltd. The petitioner seeks to initiate the Insolvency Resolution Process against the Personal Guarantor. The Corporate Debtor was admitted into CIRP on 24.07.2018, and a Resolution Plan was approved on 28.02.2018, but it was not implemented. The total debt due is Rs. 231,03,18,820.11 as on 31.07.2021. The Respondent/Personal Guarantor filed I.A. 2733 of 2021 questioning the maintainability of the company petition.
State Bank of India (SBI) approved a restructuring package for a borrower via a Master Restructure Agreement dated 2015-03-30 and a sanction letter of the same date. Ms. Savita Satish Gowda, the Respondent, is the Personal Guarantor and an erstwhile Promoter of Sharon Bio-Medicine Ltd. (Corporate Debtor). The Respondents executed a deed of guarantee dated 2015-03-30, providing a joint, several, irrevocable, absolute, unconditional guarantee for the repayment of amounts payable by the Borrower. The Corporate Debtor was admitted into CIRP on 2018-07-24, and a Resolution Plan was approved on 2018-02-28, but it was not implemented. The total debt due is Rs. 231,03,18,820.11 as of 2021-07-31, with the principal amount being Rs. 119,23,65,055.36. SBI invoked the personal
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State Bank of India approved restructuring…
Respondents ex…
The case involves an application filed by State Bank of India, through Resolution Professional Mr. Mahesh Sureka, under Section 95 of the Insolvency & Bankruptcy Code, 2016, read with Rule 7 of the IBC Rules 2019, against Ms. Savita Gowda, the Personal Guarantor of the Corporate Debtor, Sharon Bio-Medicine Ltd. The petitioner seeks to initiate the Insolvency Resolution Process against the Personal Guarantor. The Corporate Debtor was admitted into CIRP on 24.07.2018, and a Resolution Plan was approved on 28.02.2018, but it was not implemented. The total debt due is Rs. 231,03,18,820.11 as on 31.07.2021. The Respondent/Personal Guarantor filed I.A. 2733 of 2021 questioning the maintainability of the company petition.
State Bank of India (SBI) approved a restructuring package for a borrower via a Master Restructure Agreement dated 2015-03-30 and a sanction letter of the same date. Ms. Savita Satish Gowda, the Respondent, is the Personal Guarantor and an erstwhile Promoter of Sharon Bio-Medicine Ltd. (Corporate Debtor). The Respondents executed a deed of guarantee dated 2015-03-30, providing a joint, several, irrevocable, absolute, unconditional guarantee for the repayment of amounts payable by the Borrower. The Corporate Debtor was admitted into CIRP on 2018-07-24, and a Resolution Plan was approved on 2018-02-28, but it was not implemented. The total debt due is Rs. 231,03,18,820.11 as of 2021-07-31, with the principal amount being Rs. 119,23,65,055.36. SBI invoked the personal
…State Bank of India approved restructuring…
Respondents ex…