The case involves an application filed under Section 95 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 Debtors) Rules, 2019, by State Bank of India (Financial Creditor) against Mrs. Vijaylaxmi Narayan Shenvi Prabhu (Personal Guarantor) for recovery of INR 89,89,34,410.64/-. The application seeks to initiate an insolvency resolution process against the personal guarantor due to the corporate debtor's failure to fulfill its obligations towards the financial creditor. The corporate debtor, Aditya Vidyut Appliances Ltd., had availed credit facilities from the financial creditor since 2008, which were renewed in
…State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Mrs. Vijaylaxmi Narayan Shenvi Prabhu, who acted as a personal guarantor for credit facilities extended to Aditya Vidyut Appliances Ltd. SBI sought to recover INR 89,89,34,410.64/- as of June 30, 2021, with accruing interest. Aditya Vidyut Appliances Ltd. had been availing credit facilities from SBI since 2008, which were renewed in 2017. Mrs. Prabhu executed a guarantee deed on May 29, 2018, and a supplemental deed on May 25, 2018, providing an irrevocable and continuing guarantee. The corporate debtor's account was classified as a non-performing asset on October 16, 2018, leading to a recall notice issued on July 30, 2019. Corporate Insolvency
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The case involves an application filed under Section 95 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 Debtors) Rules, 2019, by State Bank of India (Financial Creditor) against Mrs. Vijaylaxmi Narayan Shenvi Prabhu (Personal Guarantor) for recovery of INR 89,89,34,410.64/-. The application seeks to initiate an insolvency resolution process against the personal guarantor due to the corporate debtor's failure to fulfill its obligations towards the financial creditor. The corporate debtor, Aditya Vidyut Appliances Ltd., had availed credit facilities from the financial creditor since 2008, which were renewed in
…State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Mrs. Vijaylaxmi Narayan Shenvi Prabhu, who acted as a personal guarantor for credit facilities extended to Aditya Vidyut Appliances Ltd. SBI sought to recover INR 89,89,34,410.64/- as of June 30, 2021, with accruing interest. Aditya Vidyut Appliances Ltd. had been availing credit facilities from SBI since 2008, which were renewed in 2017. Mrs. Prabhu executed a guarantee deed on May 29, 2018, and a supplemental deed on May 25, 2018, providing an irrevocable and continuing guarantee. The corporate debtor's account was classified as a non-performing asset on October 16, 2018, leading to a recall notice issued on July 30, 2019. Corporate Insolvency
…Financial Creditor…
Financial Creditor…