The case pertains to an application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, and Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, for initiating the Insolvency Resolution Process for Personal Guarantors to Corporate Debtors. The applicant, State Bank of India, filed the application against Mrs. Sunku Vasundhara, the personal guarantor, for the failure in repayment of a Cash Credit Facility availed by the Corporate Debtor, M/s. Nathella Sampath Jewelry Private Limited, which is under liquidation. A common order was passed for the liquidation of the corporate debtor on 03.01.2020.
State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mrs. Sunku Vasundhara, who is the personal guarantor for M/s. Nathella Sampath Jewelry Private Limited. Nathella Sampath Jewelry Private Limited, the corporate debtor, is under liquidation, with a liquidation order passed on 03.01.2020. SBI claims that Mrs. Sunku Vasundhara failed to repay the Cash Credit Facility availed by the corporate debtor. The Resolution Professional, Mr. Anil Kumar Khicha, was appointed and submitted a report confirming the failure of repayment by the personal guarantor despite requests for confirmation. The Adjudicating Authority observed that the Resolution Professional's report complied with Section 99 of the Code. The
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A common order was passed for the liquidation…
The Applicant filed the instant applicant under…
The case pertains to an application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, and Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, for initiating the Insolvency Resolution Process for Personal Guarantors to Corporate Debtors. The applicant, State Bank of India, filed the application against Mrs. Sunku Vasundhara, the personal guarantor, for the failure in repayment of a Cash Credit Facility availed by the Corporate Debtor, M/s. Nathella Sampath Jewelry Private Limited, which is under liquidation. A common order was passed for the liquidation of the corporate debtor on 03.01.2020.
State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mrs. Sunku Vasundhara, who is the personal guarantor for M/s. Nathella Sampath Jewelry Private Limited. Nathella Sampath Jewelry Private Limited, the corporate debtor, is under liquidation, with a liquidation order passed on 03.01.2020. SBI claims that Mrs. Sunku Vasundhara failed to repay the Cash Credit Facility availed by the corporate debtor. The Resolution Professional, Mr. Anil Kumar Khicha, was appointed and submitted a report confirming the failure of repayment by the personal guarantor despite requests for confirmation. The Adjudicating Authority observed that the Resolution Professional's report complied with Section 99 of the Code. The
…A common order was passed for the liquidation…
The Applicant filed the instant applicant under…