The case pertains to an application filed by State Bank of India (SBI) under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Mr. Shivgan K Patel, a personal guarantor to M/s. Prabhat Resources Limited. SBI, the financial creditor, seeks to initiate insolvency proceedings against the personal guarantor due to defaults in credit facilities extended to the corporate debtor. The corporate debtor was ordered to be liquidated on 23.02.2021. The guarantee agreement was executed on 27.03.2014, the date of default was 19.02.2016, and the personal guarantee was invoked on 23.09.2020.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Mr. Shivgan K Patel, who is a personal guarantor for M/s. Prabhat Resources Limited. Prabhat Resources Limited, formerly known as M/s. Shinago Infrastructure & Resources Limited, received credit facilities under a Working Capital Consortium Agreement from SBI. The Corporate Debtor was ordered to be liquidated on 23.02.2021. The guarantee agreement was executed on 27.03.2014. The date of default was 19.02.2016, and the personal guarantee was invoked on 23.09.2020 through a Demand Notice in Form B. SBI claims the application is within the limitation period, relying on the Recovery Certificate and the admission of the Corporate Insolvency
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The Guarantee Agreement…
The date of default as…
The case pertains to an application filed by State Bank of India (SBI) under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Mr. Shivgan K Patel, a personal guarantor to M/s. Prabhat Resources Limited. SBI, the financial creditor, seeks to initiate insolvency proceedings against the personal guarantor due to defaults in credit facilities extended to the corporate debtor. The corporate debtor was ordered to be liquidated on 23.02.2021. The guarantee agreement was executed on 27.03.2014, the date of default was 19.02.2016, and the personal guarantee was invoked on 23.09.2020.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Mr. Shivgan K Patel, who is a personal guarantor for M/s. Prabhat Resources Limited. Prabhat Resources Limited, formerly known as M/s. Shinago Infrastructure & Resources Limited, received credit facilities under a Working Capital Consortium Agreement from SBI. The Corporate Debtor was ordered to be liquidated on 23.02.2021. The guarantee agreement was executed on 27.03.2014. The date of default was 19.02.2016, and the personal guarantee was invoked on 23.09.2020 through a Demand Notice in Form B. SBI claims the application is within the limitation period, relying on the Recovery Certificate and the admission of the Corporate Insolvency
…The Guarantee Agreement…
The date of default as…