The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, for initiating the Insolvency Resolution Process against the personal guarantor, Smt. Niharika Devi Dinodiya, of Rythem Overseas Trade Limited (ROTL).
State Bank of India filed an application under Section 95(1) of the IBC, 2016 against Smt. Niharika Devi Dinodiya, personal guarantor of Rythem Overseas Trade Limited (ROTL).
ROTL approached State Bank of India for various credit facilities, which were extended by the bank.
Deed of Guarantees were executed by Smt. Niharika Devi Dinodiya towards security for the repayment of loans granted to ROTL.
ROTL and the personal guarantor failed to make payments as per the terms of the agreements.
The loan accounts were classified as NPA on 15/12/2013 due to the failure of the Corporate Debtor to comply with the terms and conditions of the loan account.
CIRP was initiated against ROTL, and subsequently, a liquidation order was passed on 06/01/2021.
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Loan acco…
ROTL admitted under…
The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, for initiating the Insolvency Resolution Process against the personal guarantor, Smt. Niharika Devi Dinodiya, of Rythem Overseas Trade Limited (ROTL).
State Bank of India filed an application under Section 95(1) of the IBC, 2016 against Smt. Niharika Devi Dinodiya, personal guarantor of Rythem Overseas Trade Limited (ROTL).
ROTL approached State Bank of India for various credit facilities, which were extended by the bank.
Deed of Guarantees were executed by Smt. Niharika Devi Dinodiya towards security for the repayment of loans granted to ROTL.
ROTL and the personal guarantor failed to make payments as per the terms of the agreements.
The loan accounts were classified as NPA on 15/12/2013 due to the failure of the Corporate Debtor to comply with the terms and conditions of the loan account.
CIRP was initiated against ROTL, and subsequently, a liquidation order was passed on 06/01/2021.
…Loan acco…
ROTL admitted under…