The State Bank of India filed a Company Petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against Mrs. Surekha Sidramappa Malang, who is the Personal Guarantor of the Corporate Debtor, M/s MSM Steels Private Limited. The application was triggered due to the Corporate Debtor's default on debt obligations to the Financial Creditor, for which the Respondent had provided a personal guarantee. The total default amount was Rs. 232,65,85,673/- as of 31.03.2023, with further interest from 01.04.2023.
The State Bank of India (Financial Creditor) filed a petition against Mrs. Surekha Sidramappa Malang (Personal Guarantor) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process. Mrs. Malang is the personal guarantor for M/s MSM Steels Private Limited (Corporate Debtor). The Corporate Debtor defaulted on debt obligations to the Financial Creditor. The total amount of default is Rs. 232,65,85,673/- as of 31.03.2023, plus interest. The Financial Creditor provided credit facilities to the Corporate Debtor, and the Personal Guarantor furnished an unconditional personal guarantee on 24.12.2014. The Corporate Debtor's account was classified as Non-Performing Asset on 25.01.2016. The Financial Creditor
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The Respondent furnished her unconditional…
The Corporate Debtor's…
The State Bank of India filed a Company Petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against Mrs. Surekha Sidramappa Malang, who is the Personal Guarantor of the Corporate Debtor, M/s MSM Steels Private Limited. The application was triggered due to the Corporate Debtor's default on debt obligations to the Financial Creditor, for which the Respondent had provided a personal guarantee. The total default amount was Rs. 232,65,85,673/- as of 31.03.2023, with further interest from 01.04.2023.
The State Bank of India (Financial Creditor) filed a petition against Mrs. Surekha Sidramappa Malang (Personal Guarantor) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process. Mrs. Malang is the personal guarantor for M/s MSM Steels Private Limited (Corporate Debtor). The Corporate Debtor defaulted on debt obligations to the Financial Creditor. The total amount of default is Rs. 232,65,85,673/- as of 31.03.2023, plus interest. The Financial Creditor provided credit facilities to the Corporate Debtor, and the Personal Guarantor furnished an unconditional personal guarantee on 24.12.2014. The Corporate Debtor's account was classified as Non-Performing Asset on 25.01.2016. The Financial Creditor
…The Respondent furnished her unconditional…
The Corporate Debtor's…