The case involves an application filed 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 Debtor) Rules, 2019, by State Bank of India against Sri Siddhartha Agarwal, the personal guarantor of Rythem Overseas Trade Limited (ROTL). ROTL had approached the applicant for credit facilities, which were extended. ROTL failed to repay the credit facilities, leading to the loan accounts being classified as NPA. The applicant initiated proceedings under the SARFAESI Act and filed an original application before the Debts Recovery Tribunal. ROTL was admitted under CIRP, but later an order for liquidation
…State Bank of India (Applicant) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Sri Siddhartha Agarwal (Respondent), who is the personal guarantor for Rythem Overseas Trade Limited (ROTL). ROTL, the principal borrower, had approached the applicant for credit facilities, which were granted based on representations made by ROTL. ROTL failed to repay the credit facilities as per the agreed repayment schedule. The loan accounts were classified as NPA on 15/12/2013. The applicant had previously filed an original application against the guarantors before the Debts Recovery Tribunal and initiated proceedings under the SARFAESI Act. ROTL was admitted into CIRP, but later an order for liquidation was passed on 06/01/2021. Sri
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State Bank of India incorporated on 1st July,…
Deed of Guarantees were executed by the…
The case involves an application filed 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 Debtor) Rules, 2019, by State Bank of India against Sri Siddhartha Agarwal, the personal guarantor of Rythem Overseas Trade Limited (ROTL). ROTL had approached the applicant for credit facilities, which were extended. ROTL failed to repay the credit facilities, leading to the loan accounts being classified as NPA. The applicant initiated proceedings under the SARFAESI Act and filed an original application before the Debts Recovery Tribunal. ROTL was admitted under CIRP, but later an order for liquidation
…State Bank of India (Applicant) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Sri Siddhartha Agarwal (Respondent), who is the personal guarantor for Rythem Overseas Trade Limited (ROTL). ROTL, the principal borrower, had approached the applicant for credit facilities, which were granted based on representations made by ROTL. ROTL failed to repay the credit facilities as per the agreed repayment schedule. The loan accounts were classified as NPA on 15/12/2013. The applicant had previously filed an original application against the guarantors before the Debts Recovery Tribunal and initiated proceedings under the SARFAESI Act. ROTL was admitted into CIRP, but later an order for liquidation was passed on 06/01/2021. Sri
…State Bank of India incorporated on 1st July,…
Deed of Guarantees were executed by the…