The Stressed Assets Stabilisation Fund (SASF) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, seeking initiation of the insolvency resolution process against Anil Rai, the personal guarantor to the corporate debtor, Malvika Steel Ltd. The application was filed due to the corporate debtor's failure to repay outstanding debts, for which Anil Rai had provided a personal guarantee. The corporate debtor had availed credit facilities from IDBI between 1994 and 1999, which later became NPA. SASF, as a special purpose vehicle, acquired these stressed assets. The application seeks to initiate the Personal Insolvency Resolution Process (PIRP) against the personal guarantor.

The Stressed Assets Stabilisation Fund (SASF) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, seeking initiation of the insolvency resolution process against Anil Rai, the personal guarantor to the corporate debtor, Malvika Steel Ltd. The application was filed due to the corporate debtor's failure to repay outstanding debts, for which Anil Rai had provided a personal guarantee. The corporate debtor had availed credit facilities from IDBI between 1994 and 1999, which later became NPA. SASF, as a special purpose vehicle, acquired these stressed assets. The application seeks to initiate the Personal Insolvency Resolution Process (PIRP) against the personal guarantor.