State Bank of India filed an application to initiate the Insolvency Resolution Process against Shri Ratneshwar Kumar Maheshwari, the Personal Guarantor, under Section 95 of the Insolvency and Bankruptcy Code, 2016. The application was filed due to the default in repayment of loans availed by M/s Suzuki Textiles Ltd, for which Shri Ratneshwar Kumar Maheshwari stood as a guarantor. The Corporate Debtor's account was declared NPA on 02.06.2017, and a notice under Section 13(2) of the SARFAESI Act, 2002 was issued on 30.07.2019. The Corporate Debtor had also faced an application under Section 9 of the Code by M/s Sangam (India) Ltd., which was admitted on 31.01.2022. The Creditor, SBI, filed its claim before the Resolution Professional, and a resolution plan submitted by
…State Bank of India (SBI) filed an application against Shri Ratneshwar Kumar Maheshwari, the Personal Guarantor, to initiate the Insolvency Resolution Process under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. Shri Maheshwari stood as a guarantor for loans availed by M/s Suzuki Textiles Ltd ('Corporate Debtor'). The Corporate Debtor defaulted on its repayment obligations, leading to its account being declared a Non-Performing Asset (NPA) on June 2, 2017. SBI issued a notice under Section 13(2) of the SARFAESI Act, 2002, on July 30, 2019, to the Corporate Debtor and the guarantors, demanding repayment of outstanding credit facilities amounting to Rs. 62.18 Crores. A legal notice was served on November 28, 2019, demanding disbursement of the debt. An
…Sign in to view the parties.
The account of the Corporate Debtor, M/s…
State Bank of India issued a notice under…
State Bank of India filed an application to initiate the Insolvency Resolution Process against Shri Ratneshwar Kumar Maheshwari, the Personal Guarantor, under Section 95 of the Insolvency and Bankruptcy Code, 2016. The application was filed due to the default in repayment of loans availed by M/s Suzuki Textiles Ltd, for which Shri Ratneshwar Kumar Maheshwari stood as a guarantor. The Corporate Debtor's account was declared NPA on 02.06.2017, and a notice under Section 13(2) of the SARFAESI Act, 2002 was issued on 30.07.2019. The Corporate Debtor had also faced an application under Section 9 of the Code by M/s Sangam (India) Ltd., which was admitted on 31.01.2022. The Creditor, SBI, filed its claim before the Resolution Professional, and a resolution plan submitted by
…State Bank of India (SBI) filed an application against Shri Ratneshwar Kumar Maheshwari, the Personal Guarantor, to initiate the Insolvency Resolution Process under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. Shri Maheshwari stood as a guarantor for loans availed by M/s Suzuki Textiles Ltd ('Corporate Debtor'). The Corporate Debtor defaulted on its repayment obligations, leading to its account being declared a Non-Performing Asset (NPA) on June 2, 2017. SBI issued a notice under Section 13(2) of the SARFAESI Act, 2002, on July 30, 2019, to the Corporate Debtor and the guarantors, demanding repayment of outstanding credit facilities amounting to Rs. 62.18 Crores. A legal notice was served on November 28, 2019, demanding disbursement of the debt. An
…The account of the Corporate Debtor, M/s…
State Bank of India issued a notice under…