Union Bank of India filed a petition against M/s KMR Enterprises, the personal guarantor to the corporate debtor M/s. Smaat India Private Limited, under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The corporate debtor had availed credit facilities from the creditor, and the respondent provided a personal guarantee. The corporate debtor defaulted on repayments, leading to the classification of accounts as non-performing assets. The creditor served a demand notice under Section 13(2) of the SARFAESI Act. The corporate debtor was previously admitted into Corporate Insolvency Resolution Process, which later resulted in liquidation and subsequent acquisition by a new entity. The creditor then sent a demand

Union Bank of India filed a petition against M/s KMR Enterprises, the personal guarantor to the corporate debtor M/s. Smaat India Private Limited, under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The corporate debtor had availed credit facilities from the creditor, and the respondent provided a personal guarantee. The corporate debtor defaulted on repayments, leading to the classification of accounts as non-performing assets. The creditor served a demand notice under Section 13(2) of the SARFAESI Act. The corporate debtor was previously admitted into Corporate Insolvency Resolution Process, which later resulted in liquidation and subsequent acquisition by a new entity. The creditor then sent a demand