Canara Bank (Financial Creditor) filed a Company Petition (CP(IB) No. 376 of 2025) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Mr. Deepak Nagjibhai Patel (Personal Guarantor) for a default amount of Rs. 51,34,29,353.81. This debt arose from financial assistance sanctioned to Swami Narayan Diamonds Private Limited (Principal Borrower), which Mr. Patel had personally guaranteed via a deed dated 21.02.2019. The Principal Borrower's account was classified as a Non-Performing Asset (NPA) on 05.07.2024. Subsequently, Canara Bank issued a demand notice under Section 13(2) of the SARFAESI Act on 06.07.2024 and a specific demand notice under the Personal Guarantor Rules on 02.12.2024, neither of which resulted in payment from the Personal Guarantor.
Canara Bank (Applicant/Financial Creditor) filed CP(IB) No. 376 of 2025 against Mr. Deepak Nagjibhai Patel (Personal Guarantor) under Section 95(1) of the IBC, 2016.
The petition seeks initiation of Insolvency Resolution Process for a default amount of Rs. 51,34,29,353.81.
The debt is in respect of a Deed of Guarantee dated 21.02.2019 provided by Mr. Patel for financial assistance sanctioned to Swami Narayan Diamonds Private Limited (Principal Borrower).
Canara Bank sanctioned financial assistance of Rs. 38,00,00,000/- to Swami Narayan Diamonds Private Limited.
Credit facilities were extended and renewed to the Corporate Debtor, and guaranteed by the Personal Guarantor.
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Mr. Deepak Nagjibhai Patel executed a Deed of…
Financial Creditor sanctioned a Working Capital…
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Canara Bank (Financial Creditor) filed a Company Petition (CP(IB) No. 376 of 2025) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Mr. Deepak Nagjibhai Patel (Personal Guarantor) for a default amount of Rs. 51,34,29,353.81. This debt arose from financial assistance sanctioned to Swami Narayan Diamonds Private Limited (Principal Borrower), which Mr. Patel had personally guaranteed via a deed dated 21.02.2019. The Principal Borrower's account was classified as a Non-Performing Asset (NPA) on 05.07.2024. Subsequently, Canara Bank issued a demand notice under Section 13(2) of the SARFAESI Act on 06.07.2024 and a specific demand notice under the Personal Guarantor Rules on 02.12.2024, neither of which resulted in payment from the Personal Guarantor.
Canara Bank (Applicant/Financial Creditor) filed CP(IB) No. 376 of 2025 against Mr. Deepak Nagjibhai Patel (Personal Guarantor) under Section 95(1) of the IBC, 2016.
The petition seeks initiation of Insolvency Resolution Process for a default amount of Rs. 51,34,29,353.81.
The debt is in respect of a Deed of Guarantee dated 21.02.2019 provided by Mr. Patel for financial assistance sanctioned to Swami Narayan Diamonds Private Limited (Principal Borrower).
Canara Bank sanctioned financial assistance of Rs. 38,00,00,000/- to Swami Narayan Diamonds Private Limited.
Credit facilities were extended and renewed to the Corporate Debtor, and guaranteed by the Personal Guarantor.
…Mr. Deepak Nagjibhai Patel executed a Deed of…
Financial Creditor sanctioned a Working Capital…
Sign in to view related legal provisions.