The case pertains to an application filed by State Bank of India (SBI), the financial creditor, under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, against Mr. Vijit Kumar Agarwal, the respondent and personal guarantor to Vandana Vidhyut Limited (VVL), the corporate debtor. The application seeks initiation of the Insolvency Resolution Process against the personal guarantor. CIRP proceedings had already been initiated against the Corporate Debtor vide order dated 26.04.2018 by Hon'ble NCLT Mumbai Bench.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Mr. Vijit Kumar Agarwal, the personal guarantor to Vandana Vidhyut Limited (VVL), the corporate debtor. VVL had requested SBI for credit limits, which SBI sanctioned a Term Loan dated 09.04.2019 by the consortium of Bankers lead by Punjab National Bank. The credit facilities amounted to Rs. 340,30,24,040.34, secured by personal guarantees from four personal guarantors, including Mr. Agarwal, through a deed of Guarantee dated 27.10.2010. VVL subsequently sought enhancement of credit facilities. Mr. Agarwal executed personal guarantees on 09.04.2009, 28.03.2013, 31.03.2010 and 22.08.2014 in favor of SBI to secure the repayment of the principal
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Deed of Guarantee executed by four personal…
Corporate Insolvency Resolution Process (CIRP)…
The case pertains to an application filed by State Bank of India (SBI), the financial creditor, under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, against Mr. Vijit Kumar Agarwal, the respondent and personal guarantor to Vandana Vidhyut Limited (VVL), the corporate debtor. The application seeks initiation of the Insolvency Resolution Process against the personal guarantor. CIRP proceedings had already been initiated against the Corporate Debtor vide order dated 26.04.2018 by Hon'ble NCLT Mumbai Bench.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Mr. Vijit Kumar Agarwal, the personal guarantor to Vandana Vidhyut Limited (VVL), the corporate debtor. VVL had requested SBI for credit limits, which SBI sanctioned a Term Loan dated 09.04.2019 by the consortium of Bankers lead by Punjab National Bank. The credit facilities amounted to Rs. 340,30,24,040.34, secured by personal guarantees from four personal guarantors, including Mr. Agarwal, through a deed of Guarantee dated 27.10.2010. VVL subsequently sought enhancement of credit facilities. Mr. Agarwal executed personal guarantees on 09.04.2009, 28.03.2013, 31.03.2010 and 22.08.2014 in favor of SBI to secure the repayment of the principal
…Deed of Guarantee executed by four personal…
Corporate Insolvency Resolution Process (CIRP)…