State Bank of India, as Financial Creditor, filed a petition under Section 95 IBC against Shri Bernard John, a personal guarantor for M/s GEI Industrial Systems Limited (Corporate Debtor), seeking initiation of the Personal Insolvency Resolution Process (PIRP). The Corporate Debtor had availed credit facilities from a consortium of banks, including SBI, and Shri Bernard John executed deeds of guarantee. The Corporate Debtor's account was classified as NPA, and a demand-cum-recall notice was issued. Insolvency proceedings were initiated against the Corporate Debtor, and SBI filed its claim. The NCLT initially dismissed the petition, citing limitation and invalid acknowledgment of debt.
M/s GEI Industrial Systems Ltd., the Corporate Debtor, was incorporated on 28.12.1993.
The Corporate Debtor, along with six other consortium banks, approached the Applicant (State Bank of India) for credit facilities.
On 24.03.2009, a loan agreement was executed between the Corporate Debtor and the Applicant.
On 24.03.2009, Shri Bernard John, Mr. C.E. Fernandes, and Smt. Evelyn Fernandes executed a Deed of Guarantee in favour of the Applicant.
Further credit facilities were extended to the Corporate Debtor on 30.08.2010.
A fresh deed of guarantee was executed on 23.08.2011 by the Respondent, Mr. C.E. Fernandes, and Mrs. Evelyn Fernandes.
Credit facilities were further enhanced in 2015, and a new loan agreement was executed on 31.03.2015.
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M/s GEI Industrial…
A loan agreement was executed between the…
State Bank of India, as Financial Creditor, filed a petition under Section 95 IBC against Shri Bernard John, a personal guarantor for M/s GEI Industrial Systems Limited (Corporate Debtor), seeking initiation of the Personal Insolvency Resolution Process (PIRP). The Corporate Debtor had availed credit facilities from a consortium of banks, including SBI, and Shri Bernard John executed deeds of guarantee. The Corporate Debtor's account was classified as NPA, and a demand-cum-recall notice was issued. Insolvency proceedings were initiated against the Corporate Debtor, and SBI filed its claim. The NCLT initially dismissed the petition, citing limitation and invalid acknowledgment of debt.
M/s GEI Industrial Systems Ltd., the Corporate Debtor, was incorporated on 28.12.1993.
The Corporate Debtor, along with six other consortium banks, approached the Applicant (State Bank of India) for credit facilities.
On 24.03.2009, a loan agreement was executed between the Corporate Debtor and the Applicant.
On 24.03.2009, Shri Bernard John, Mr. C.E. Fernandes, and Smt. Evelyn Fernandes executed a Deed of Guarantee in favour of the Applicant.
Further credit facilities were extended to the Corporate Debtor on 30.08.2010.
A fresh deed of guarantee was executed on 23.08.2011 by the Respondent, Mr. C.E. Fernandes, and Mrs. Evelyn Fernandes.
Credit facilities were further enhanced in 2015, and a new loan agreement was executed on 31.03.2015.
…M/s GEI Industrial…
A loan agreement was executed between the…