State Bank of India, acting as the Financial Creditor, filed a petition under Section 121 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy process for Personal Guarantors to Corporate Debtors) Rules, 2019, to initiate bankruptcy proceedings against Smt. Sejal Himanshu Varia, the Personal Guarantor of the Corporate Debtor, M/s. Varia Engineering Works Pvt. Ltd. The corporate debtor had taken loans from the applicant bank, and Smt. Varia had provided a personal guarantee for these loans. The financial debt was in the nature of Cash Credit, Term Loans, WCTL, and FITL facility. The total amount in default was Rs. 434,95,53,330.17/-. The Adjudicating Authority had
…State Bank of India (SBI) is the Financial Creditor. Smt. Sejal Himanshu Varia is the Personal Guarantor to the Corporate Debtor, M/s. Varia Engineering Works Pvt. Ltd. The Corporate Debtor applied for a loan from SBI, which was approved on 15.12.2009. Smt. Varia was a director and the personal guarantor of the Corporate Debtor and executed the bank's standard loan documents. The total amount due is Rs. 434,95,53,330.17, including unapplied interest. The debt was due on 13.12.2018, and the default occurred on the same date. SBI issued a demand notice on 22.09.2021. SBI filed an application under Section 95 of the IBC against Smt. Varia, bearing CP(IB) No. 251 of 2021. The Tribunal declared an interim moratorium on 20.12.2021 and appointed an Interim Resolution
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State Bank of India, acting as the Financial Creditor, filed a petition under Section 121 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy process for Personal Guarantors to Corporate Debtors) Rules, 2019, to initiate bankruptcy proceedings against Smt. Sejal Himanshu Varia, the Personal Guarantor of the Corporate Debtor, M/s. Varia Engineering Works Pvt. Ltd. The corporate debtor had taken loans from the applicant bank, and Smt. Varia had provided a personal guarantee for these loans. The financial debt was in the nature of Cash Credit, Term Loans, WCTL, and FITL facility. The total amount in default was Rs. 434,95,53,330.17/-. The Adjudicating Authority had
…State Bank of India (SBI) is the Financial Creditor. Smt. Sejal Himanshu Varia is the Personal Guarantor to the Corporate Debtor, M/s. Varia Engineering Works Pvt. Ltd. The Corporate Debtor applied for a loan from SBI, which was approved on 15.12.2009. Smt. Varia was a director and the personal guarantor of the Corporate Debtor and executed the bank's standard loan documents. The total amount due is Rs. 434,95,53,330.17, including unapplied interest. The debt was due on 13.12.2018, and the default occurred on the same date. SBI issued a demand notice on 22.09.2021. SBI filed an application under Section 95 of the IBC against Smt. Varia, bearing CP(IB) No. 251 of 2021. The Tribunal declared an interim moratorium on 20.12.2021 and appointed an Interim Resolution
…Loan was approved for…
The debt was due as on…