The State Bank of India ('Creditor'/'Applicant') filed an application to initiate the Insolvency Resolution Process against Shri Ratneshwar Kumar Maheshwari ('Personal Guarantor'/'Respondent'). The application was filed through Shri Satyendra P. Khorania, the Insolvency Resolution Professional ('IRP'), under Section 95 of the Insolvency and Bankruptcy Code, 2016 ('IBC'/'Code') read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The Personal Guarantor had provided a guarantee for loans availed by M/s Suzuki Textiles Ltd ('Corporate Debtor').
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 IBC. Shri Ratneshwar Kumar Maheshwari had provided a personal guarantee for loans availed by M/s Suzuki Textiles Ltd, the Corporate Debtor. The Corporate Debtor's account was declared NPA on 02.06.2017. The Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 30.07.2019, calling upon the Corporate Debtor and the Guarantors to repay the outstanding amount. The Corporate Debtor and its guarantors failed to repay the demand amount of Rs. 62.18 Crores. A legal notice was served on 28.11.2019. The Creditor also preferred an Original Application 517/2020 against the Corporate
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The State Bank of India ('Creditor'/'Applicant') filed an application to initiate the Insolvency Resolution Process against Shri Ratneshwar Kumar Maheshwari ('Personal Guarantor'/'Respondent'). The application was filed through Shri Satyendra P. Khorania, the Insolvency Resolution Professional ('IRP'), under Section 95 of the Insolvency and Bankruptcy Code, 2016 ('IBC'/'Code') read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The Personal Guarantor had provided a guarantee for loans availed by M/s Suzuki Textiles Ltd ('Corporate Debtor').
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 IBC. Shri Ratneshwar Kumar Maheshwari had provided a personal guarantee for loans availed by M/s Suzuki Textiles Ltd, the Corporate Debtor. The Corporate Debtor's account was declared NPA on 02.06.2017. The Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 30.07.2019, calling upon the Corporate Debtor and the Guarantors to repay the outstanding amount. The Corporate Debtor and its guarantors failed to repay the demand amount of Rs. 62.18 Crores. A legal notice was served on 28.11.2019. The Creditor also preferred an Original Application 517/2020 against the Corporate
…The account of the…
The Creditor issued a…