The case involves an application filed by the State Bank of India (Financial Creditor) under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Shri Vijay Shanker Singh (Personal Guarantor) of Shivani Alloys Steel Casting Ltd (Corporate Debtor). The Corporate Debtor had availed financial assistance of INR 15 Crores from the Financial Creditor and failed to honor its obligations under various loan agreements. The Personal Guarantor had executed a Guarantee Agreement to secure the repayment of the financial assistance.
The State Bank of India, acting as the Financial Creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Shri Vijay Shanker Singh, the Personal Guarantor of Shivani Alloys Steel Casting Ltd. The Corporate Debtor had availed financial assistance of INR 15 Crores from the Financial Creditor. To secure the repayment of this assistance, the Personal Guarantor executed a Guarantee Agreement. However, the Corporate Debtor failed to meet its obligations under various Loan Agreements dated 06.02.2003, 20.09.2004 and 16.04.2008, leading to the loan account being declared as NPA on 16.04.2012. The Personal Guarantor also failed to pay the outstanding amount, prompting the Financial
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One of the Loan Agreements executed between…
Respondent No.1, Personal Guarantor executed a…
The case involves an application filed by the State Bank of India (Financial Creditor) under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Shri Vijay Shanker Singh (Personal Guarantor) of Shivani Alloys Steel Casting Ltd (Corporate Debtor). The Corporate Debtor had availed financial assistance of INR 15 Crores from the Financial Creditor and failed to honor its obligations under various loan agreements. The Personal Guarantor had executed a Guarantee Agreement to secure the repayment of the financial assistance.
The State Bank of India, acting as the Financial Creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Shri Vijay Shanker Singh, the Personal Guarantor of Shivani Alloys Steel Casting Ltd. The Corporate Debtor had availed financial assistance of INR 15 Crores from the Financial Creditor. To secure the repayment of this assistance, the Personal Guarantor executed a Guarantee Agreement. However, the Corporate Debtor failed to meet its obligations under various Loan Agreements dated 06.02.2003, 20.09.2004 and 16.04.2008, leading to the loan account being declared as NPA on 16.04.2012. The Personal Guarantor also failed to pay the outstanding amount, prompting the Financial
…One of the Loan Agreements executed between…
Respondent No.1, Personal Guarantor executed a…