Omkara Assets Reconstruction Private Limited (Petitioner/Financial Creditor) filed a Company Petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mrs. Ritu Jankiprasad Shah (Respondent/Personal Guarantor) to initiate the Insolvency Resolution Process. The debt originated from credit facilities sanctioned by State Bank of India (SBI) to M/s Maharashtra Steel Pvt. Ltd. (Corporate Debtor), for which Mrs. Ritu Jankiprasad Shah provided a personal guarantee. The Corporate Debtor defaulted, and the account was classified as a Non-Performing Asset (NPA) on 31.01.2014. SBI invoked the personal guarantee on 02.07.2014. The debt was subsequently assigned to ASREC (India) Limited and then to Omkara Assets Reconstruction Pvt Ltd. The Petitioner contended
…State Bank of India (SBI) sanctioned and disbursed credit facilities aggregating to Rs. 45 Crores to M/s Maharashtra Steel Pvt. Ltd. (Borrower/Corporate Debtor) on 19.11.2009.
Janki Prasad Shah and Mrs. Ritu Jankiprasad Shah executed a Personal Guarantee for the said credit facilities.
Corporate Guarantees were also provided by Maharashtra Steel Rolling Mills Pvt. Ltd. and Maharashtra Steels Investments Pvt. Ltd.
The Corporate Debtor failed to make payments, leading to its account being classified as a Non-Performing Asset (NPA) on 31.01.2014.
SBI initiated action under the SARFAESI Act, 2002, and issued a Section 13(2) notice for a default amount of Rs. 41,43,72,431/- on 02.07.2014.
SBI took physical possession of the factory property at Wada on 22.11.2014.
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State Bank of India (SBI) sanctioned and…
The Corporate Debtor's…
Omkara Assets Reconstruction Private Limited (Petitioner/Financial Creditor) filed a Company Petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mrs. Ritu Jankiprasad Shah (Respondent/Personal Guarantor) to initiate the Insolvency Resolution Process. The debt originated from credit facilities sanctioned by State Bank of India (SBI) to M/s Maharashtra Steel Pvt. Ltd. (Corporate Debtor), for which Mrs. Ritu Jankiprasad Shah provided a personal guarantee. The Corporate Debtor defaulted, and the account was classified as a Non-Performing Asset (NPA) on 31.01.2014. SBI invoked the personal guarantee on 02.07.2014. The debt was subsequently assigned to ASREC (India) Limited and then to Omkara Assets Reconstruction Pvt Ltd. The Petitioner contended
…State Bank of India (SBI) sanctioned and disbursed credit facilities aggregating to Rs. 45 Crores to M/s Maharashtra Steel Pvt. Ltd. (Borrower/Corporate Debtor) on 19.11.2009.
Janki Prasad Shah and Mrs. Ritu Jankiprasad Shah executed a Personal Guarantee for the said credit facilities.
Corporate Guarantees were also provided by Maharashtra Steel Rolling Mills Pvt. Ltd. and Maharashtra Steels Investments Pvt. Ltd.
The Corporate Debtor failed to make payments, leading to its account being classified as a Non-Performing Asset (NPA) on 31.01.2014.
SBI initiated action under the SARFAESI Act, 2002, and issued a Section 13(2) notice for a default amount of Rs. 41,43,72,431/- on 02.07.2014.
SBI took physical possession of the factory property at Wada on 22.11.2014.
…State Bank of India (SBI) sanctioned and…
The Corporate Debtor's…