State Bank of India filed an application under Section 95 r/w Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking initiation of Interim Resolution Process against Shri Sanjay Maheshwari, the Personal Guarantor of M/s Saga Automotive (I) Private Limited, for a debt of Rs. 28,36,04,727.55/-.
State Bank of India filed an application against Shri Sanjay Maheshwari, the Personal Guarantor of M/s Saga Automotive (I) Private Limited.
The application was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016.
The debt amount claimed was Rs. 28,36,04,727.55/-.
Mr. Sandeep Mahajan was appointed as the Resolution Professional.
The Resolution Professional filed a report under Section 99 of IBC recommending the admission of the application.
The Personal Guarantor was served with a demand notice dated 29.06.2020 but failed to repay the debt.
The Personal Guarantor admitted to making a payment of Rs. 7.25 Crores in 2017 but no further payments were made.
The Adjudicating Authority admitted the application and initiated the Insolvency Resolution Process.
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Demand notice issued to…
Order dated 01.09.2021 appointed Mr. Sandeep…
State Bank of India filed an application under Section 95 r/w Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking initiation of Interim Resolution Process against Shri Sanjay Maheshwari, the Personal Guarantor of M/s Saga Automotive (I) Private Limited, for a debt of Rs. 28,36,04,727.55/-.
State Bank of India filed an application against Shri Sanjay Maheshwari, the Personal Guarantor of M/s Saga Automotive (I) Private Limited.
The application was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016.
The debt amount claimed was Rs. 28,36,04,727.55/-.
Mr. Sandeep Mahajan was appointed as the Resolution Professional.
The Resolution Professional filed a report under Section 99 of IBC recommending the admission of the application.
The Personal Guarantor was served with a demand notice dated 29.06.2020 but failed to repay the debt.
The Personal Guarantor admitted to making a payment of Rs. 7.25 Crores in 2017 but no further payments were made.
The Adjudicating Authority admitted the application and initiated the Insolvency Resolution Process.
…Demand notice issued to…
Order dated 01.09.2021 appointed Mr. Sandeep…