The State Bank of India initiated insolvency resolution proceedings against Utkarsh Malvik Hathi, the personal guarantor to M/s. Miku Polymers and Plastics Ltd., due to a default on a debt amounting to Rs. 50,96,14,531.03. The application was filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The corporate debtor, M/s Miku Traders, initially availed financial assistance which was later taken over by M/s. Miku Polymers and Plastics Ltd. The applicant bank renewed the credit facility and the personal guarantee was executed by the respondent. After the corporate debtor defaulted, the account was classified as NPA, and the bank issued demand notices and recall notices. The proceedings were initially put on hold due to pending constitutional validity
…M/s Miku Traders, initially a partnership firm, availed financial assistance in the form of a Cash Credit Facility of Rs. 55.00 Crores and a Bank Guarantee facility of Rs. 13.00 Crores, totaling Rs. 68.00 Crore. On 01.03.2019, M/s Miku Polymers and Plastics Ltd. took over the business of M/s Miku Traders. The applicant bank renewed the existing credit facility from 44.00 Crores to 37.00 Crores and renewed the bank guarantee facility at Rs. 7.00 Crores on 14.10.2020. Utkarsh Malvik Hathi, as the personal guarantor, executed a Deed of Guarantee on 14.09.2020 in favor of the Applicant Bank/FC to secure the credit facilities granted to the Corporate Debtor. The Corporate Debtor defaulted, leading to the loan accounts being classified as NPA on 05.12.2020. The Applicant
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M/s Miku Polymers and…
Utkarsh Malvik Hathi…
The State Bank of India initiated insolvency resolution proceedings against Utkarsh Malvik Hathi, the personal guarantor to M/s. Miku Polymers and Plastics Ltd., due to a default on a debt amounting to Rs. 50,96,14,531.03. The application was filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The corporate debtor, M/s Miku Traders, initially availed financial assistance which was later taken over by M/s. Miku Polymers and Plastics Ltd. The applicant bank renewed the credit facility and the personal guarantee was executed by the respondent. After the corporate debtor defaulted, the account was classified as NPA, and the bank issued demand notices and recall notices. The proceedings were initially put on hold due to pending constitutional validity
…M/s Miku Traders, initially a partnership firm, availed financial assistance in the form of a Cash Credit Facility of Rs. 55.00 Crores and a Bank Guarantee facility of Rs. 13.00 Crores, totaling Rs. 68.00 Crore. On 01.03.2019, M/s Miku Polymers and Plastics Ltd. took over the business of M/s Miku Traders. The applicant bank renewed the existing credit facility from 44.00 Crores to 37.00 Crores and renewed the bank guarantee facility at Rs. 7.00 Crores on 14.10.2020. Utkarsh Malvik Hathi, as the personal guarantor, executed a Deed of Guarantee on 14.09.2020 in favor of the Applicant Bank/FC to secure the credit facilities granted to the Corporate Debtor. The Corporate Debtor defaulted, leading to the loan accounts being classified as NPA on 05.12.2020. The Applicant
…M/s Miku Polymers and…
Utkarsh Malvik Hathi…