The case pertains to an application filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019. The application seeks to initiate the Insolvency Resolution Process against the applicant, Tehseen Khan, who is the Personal Guarantor for an amount of Rs. 56,40,99,136.52/- in relation to credit facilities extended to Srasthi Build Con Private Limited, Sagar Autotech (Mysore) Private Limited, and Sagar Autotech Private Limited (Corporate Debtors).
Tehseen Khan, the applicant, acted as a personal guarantor for credit facilities amounting to Rs. 56,40,99,136.52/- granted by financial creditors including State Bank of India, Volkswagen Finance Private Limited, Union Bank, IndusInd Bank, and LIC Housing Finance Limited to Srasthi Build Con Private Limited, Sagar Autotech (Mysore) Private Limited, and Sagar Autotech Private Limited. The corporate debtors defaulted in repayment, leading State Bank of India to classify the debt as a Non-Performing Asset on 24.09.2020. Demand notices were issued to Tehseen Khan under Section 13(2) of the SARFAESI Act, with the first demand notice dated 13.04.2021. Tehseen Khan filed an application on 09.02.2022 under Section 94(1) of the IBC to initiate the Insolvency Resolution
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State Bank of India classified the debt of…
First demand notice…
The case pertains to an application filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019. The application seeks to initiate the Insolvency Resolution Process against the applicant, Tehseen Khan, who is the Personal Guarantor for an amount of Rs. 56,40,99,136.52/- in relation to credit facilities extended to Srasthi Build Con Private Limited, Sagar Autotech (Mysore) Private Limited, and Sagar Autotech Private Limited (Corporate Debtors).
Tehseen Khan, the applicant, acted as a personal guarantor for credit facilities amounting to Rs. 56,40,99,136.52/- granted by financial creditors including State Bank of India, Volkswagen Finance Private Limited, Union Bank, IndusInd Bank, and LIC Housing Finance Limited to Srasthi Build Con Private Limited, Sagar Autotech (Mysore) Private Limited, and Sagar Autotech Private Limited. The corporate debtors defaulted in repayment, leading State Bank of India to classify the debt as a Non-Performing Asset on 24.09.2020. Demand notices were issued to Tehseen Khan under Section 13(2) of the SARFAESI Act, with the first demand notice dated 13.04.2021. Tehseen Khan filed an application on 09.02.2022 under Section 94(1) of the IBC to initiate the Insolvency Resolution
…State Bank of India classified the debt of…
First demand notice…