State Bank of India (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Smt. Vijaylatha Jain (Personal Guarantor) for default by M/s. Suryajyoti Spinning Mills Ltd. (Corporate Debtor). The Personal Guarantor raised several objections regarding the existence and enforceability of the alleged personal guarantee, limitation, suppression of material facts, quantum of liability, and maintainability of the petition, seeking adjudication prior to the appointment of a Resolution Professional under Section 97 of the IBC.
State Bank of India (Financial Creditor) filed a Company Petition IB/156/95/2023 under Section 95 of the IBC.
The petition was filed against Smt. Vijaylatha Jain (Personal Guarantor/Respondent No.1) and M/s. Suryajyoti Spinning Mills Ltd. (Corporate Debtor/Respondent No.2).
Smt. Vijaylatha Jain allegedly executed a personal guarantee for securing credit facilities extended to Suryajyoti Spinning Mills Ltd.
The Corporate Debtor committed default in repayment of the financial debt.
The guarantee executed by Respondent No.1 was invoked vide notice dated 15.03.2017.
The petition was filed along with particulars and documents contemplated under Section 95(4) of the IBC.
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The personal guarantee…
Petitioner's correspondence addressed to…
State Bank of India (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Smt. Vijaylatha Jain (Personal Guarantor) for default by M/s. Suryajyoti Spinning Mills Ltd. (Corporate Debtor). The Personal Guarantor raised several objections regarding the existence and enforceability of the alleged personal guarantee, limitation, suppression of material facts, quantum of liability, and maintainability of the petition, seeking adjudication prior to the appointment of a Resolution Professional under Section 97 of the IBC.
State Bank of India (Financial Creditor) filed a Company Petition IB/156/95/2023 under Section 95 of the IBC.
The petition was filed against Smt. Vijaylatha Jain (Personal Guarantor/Respondent No.1) and M/s. Suryajyoti Spinning Mills Ltd. (Corporate Debtor/Respondent No.2).
Smt. Vijaylatha Jain allegedly executed a personal guarantee for securing credit facilities extended to Suryajyoti Spinning Mills Ltd.
The Corporate Debtor committed default in repayment of the financial debt.
The guarantee executed by Respondent No.1 was invoked vide notice dated 15.03.2017.
The petition was filed along with particulars and documents contemplated under Section 95(4) of the IBC.
…The personal guarantee…
Petitioner's correspondence addressed to…