The State Bank of India filed a Company Petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against Mr. Shivkumar Patil, the Personal Guarantor of the Corporate Debtor, M/s MSM Steels Private Limited. The applicant, State Bank of India, had extended credit facilities to the Corporate Debtor, for which the Respondent, Mr. Patil, had provided a personal guarantee. The Corporate Debtor defaulted on its debt obligations, leading the Applicant to invoke the personal guarantee. The Respondent failed to repay the debt, prompting the Applicant to file the petition.
State Bank of India (SBI) extended credit facilities to M/s MSM Steels Private Limited, the Corporate Debtor. Mr. Shivkumar Patil provided a personal guarantee for these facilities. The Corporate Debtor defaulted on its debt obligations, leading SBI to classify the account as a Non-Performing Asset (NPA) on 2016-01-25. SBI issued a notice under Section 13(2) of the SARFAESI Act on 2016-08-05, which was replied to by the Corporate Debtor on behalf of the Personal Guarantor on 2016-09-12. SBI issued a Demand Notice in Form B on 2021-08-26, claiming a debt amount of INR 159.92 Crores. The Personal Guarantor responded on 2021-09-20, offering a compromise/settlement. The total amount of default as of 2023-03-31 was Rs. 232,65,85,673/-. The Personal Guarantor admitted the
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The State Bank of India filed a Company Petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against Mr. Shivkumar Patil, the Personal Guarantor of the Corporate Debtor, M/s MSM Steels Private Limited. The applicant, State Bank of India, had extended credit facilities to the Corporate Debtor, for which the Respondent, Mr. Patil, had provided a personal guarantee. The Corporate Debtor defaulted on its debt obligations, leading the Applicant to invoke the personal guarantee. The Respondent failed to repay the debt, prompting the Applicant to file the petition.
State Bank of India (SBI) extended credit facilities to M/s MSM Steels Private Limited, the Corporate Debtor. Mr. Shivkumar Patil provided a personal guarantee for these facilities. The Corporate Debtor defaulted on its debt obligations, leading SBI to classify the account as a Non-Performing Asset (NPA) on 2016-01-25. SBI issued a notice under Section 13(2) of the SARFAESI Act on 2016-08-05, which was replied to by the Corporate Debtor on behalf of the Personal Guarantor on 2016-09-12. SBI issued a Demand Notice in Form B on 2021-08-26, claiming a debt amount of INR 159.92 Crores. The Personal Guarantor responded on 2021-09-20, offering a compromise/settlement. The total amount of default as of 2023-03-31 was Rs. 232,65,85,673/-. The Personal Guarantor admitted the
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Financial Creditor…