The case involves multiple petitions (CP(IBC)/15/KOB/2022, CP(IBC)/16/KOB/2022, CP(IBC)/17/KOB/2022, CP(IBC)/18/KOB/2022, CP(IBC)/19/KOB/2022) filed by State Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, 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, against personal guarantors of the Corporate Debtor, M/s. Propyl Packaging Limited. The Corporate Insolvency Resolution Process (CIRP) had already been initiated against the Corporate Debtor, followed by a liquidation order due to the absence of a resolution plan. The creditor had sanctioned credit facilities to the Corporate Debtor, which were secured by
…State Bank of India (SBI) sanctioned an overdraft facility of Rs 7.05 Crore and an International Letter of Credit Facility of Rs.4.70 Crore to M/s. Propyl Packaging Limited, the Corporate Debtor, against mortgage of properties. The Corporate Debtor executed a loan cum hypothecation agreement dated 05.12.2014 and a demand promissory note dated 05.12.2014. The credit facilities were enhanced to 16.80 Crore by a letter of arrangement dated 07.01.2017. The Corporate Debtor executed a Loan cum hypothecation agreement on 11.01.2017, and the Respondents (Mr. Rajesh K S, Mr. Satheesh Babu V. K, Mr. Saleesh K Satheesh, Mrs. Bindya Saleesh and Mrs. Sindhu Rajesh) executed Guarantee Agreements on 11.01.2017, guaranteeing the repayment. The Corporate Debtor defaulted, and the loan
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SBI sanctioned an overdraft facility of Rs…
Corporate Debtor…
The case involves multiple petitions (CP(IBC)/15/KOB/2022, CP(IBC)/16/KOB/2022, CP(IBC)/17/KOB/2022, CP(IBC)/18/KOB/2022, CP(IBC)/19/KOB/2022) filed by State Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, 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, against personal guarantors of the Corporate Debtor, M/s. Propyl Packaging Limited. The Corporate Insolvency Resolution Process (CIRP) had already been initiated against the Corporate Debtor, followed by a liquidation order due to the absence of a resolution plan. The creditor had sanctioned credit facilities to the Corporate Debtor, which were secured by
…State Bank of India (SBI) sanctioned an overdraft facility of Rs 7.05 Crore and an International Letter of Credit Facility of Rs.4.70 Crore to M/s. Propyl Packaging Limited, the Corporate Debtor, against mortgage of properties. The Corporate Debtor executed a loan cum hypothecation agreement dated 05.12.2014 and a demand promissory note dated 05.12.2014. The credit facilities were enhanced to 16.80 Crore by a letter of arrangement dated 07.01.2017. The Corporate Debtor executed a Loan cum hypothecation agreement on 11.01.2017, and the Respondents (Mr. Rajesh K S, Mr. Satheesh Babu V. K, Mr. Saleesh K Satheesh, Mrs. Bindya Saleesh and Mrs. Sindhu Rajesh) executed Guarantee Agreements on 11.01.2017, guaranteeing the repayment. The Corporate Debtor defaulted, and the loan
…SBI sanctioned an overdraft facility of Rs…
Corporate Debtor…