The State Bank of India filed an application under Section 95 read with Rule 7(2) of the IBC, seeking to initiate the Insolvency Resolution Process against Shagufta Khan, the Respondent/Guarantor, who stood as a personal guarantor for a loan facility availed by the Corporate Debtor, M/s Multiwal Pulp and Board Mills Private Limited. The Resolution Plan against the Corporate Debtor has already been approved by the CoC. The Respondent was ex-parte in the matter, as recorded in the order dated 01.02.2022.
The State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Shagufta Khan, who acted as a personal guarantor for the loan availed by M/s Multiwal Pulp & Board Mills Private Limited. The corporate debtor failed to maintain financial discipline, leading SBI to issue a legal demand notice on 07.08.2015 to the corporate debtor and guarantors, including Shagufta Khan, to repay the outstanding amount. Despite this notice, the respondent failed to liquidate the outstanding amount. SBI then filed an Original Application against the corporate debtor and guarantors before the Debt Recovery Tribunal (DRT-II), New Delhi, which remains pending. In 2017, the corporate debtor and guarantors approached SBI for a
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SBI sent a Legal Demand Notice to the Corporate…
In the year 2017, the Corporate Debtor and the…
The State Bank of India filed an application under Section 95 read with Rule 7(2) of the IBC, seeking to initiate the Insolvency Resolution Process against Shagufta Khan, the Respondent/Guarantor, who stood as a personal guarantor for a loan facility availed by the Corporate Debtor, M/s Multiwal Pulp and Board Mills Private Limited. The Resolution Plan against the Corporate Debtor has already been approved by the CoC. The Respondent was ex-parte in the matter, as recorded in the order dated 01.02.2022.
The State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Shagufta Khan, who acted as a personal guarantor for the loan availed by M/s Multiwal Pulp & Board Mills Private Limited. The corporate debtor failed to maintain financial discipline, leading SBI to issue a legal demand notice on 07.08.2015 to the corporate debtor and guarantors, including Shagufta Khan, to repay the outstanding amount. Despite this notice, the respondent failed to liquidate the outstanding amount. SBI then filed an Original Application against the corporate debtor and guarantors before the Debt Recovery Tribunal (DRT-II), New Delhi, which remains pending. In 2017, the corporate debtor and guarantors approached SBI for a
…SBI sent a Legal Demand Notice to the Corporate…
In the year 2017, the Corporate Debtor and the…