State Bank of India, as a Financial Creditor, initiated bankruptcy proceedings against Mr. Narayan Pundlik Shenvi Prabhu, a personal guarantor for M/s. Aditya Vidyut Appliance Limited (Corporate Debtor). The Corporate Debtor's accounts were declared Non-Performing Assets (NPA) due to default on credit facilities. Legal and demand notices were issued to both the Corporate Debtor and the Personal Guarantor. A Personal Insolvency Resolution Process (PIRP) was previously initiated against Mr. Prabhu, during which a Resolution Professional was appointed.
State Bank of India (Petitioner/Applicant/Financial Creditor) filed an application to initiate bankruptcy process against Mr. Narayan Pundlik Shenvi Prabhu.
The application was filed under Section 123 of the IBC, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019.
M/s. Aditya Vidyut Appliance Limited is the Corporate Debtor, engaged in transformer manufacturing and remanufacturing.
Mr. Narayan Pundlik Shenvi Prabhu is a Personal Guarantor of the Corporate Debtor.
The Corporate Debtor defaulted on credit facilities, leading to its accounts being declared Non-Performing Assets (NPA) on 16.10.2018.
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Accounts of the…
Petitioner issued a Notice under Section 13(2)…
State Bank of India, as a Financial Creditor, initiated bankruptcy proceedings against Mr. Narayan Pundlik Shenvi Prabhu, a personal guarantor for M/s. Aditya Vidyut Appliance Limited (Corporate Debtor). The Corporate Debtor's accounts were declared Non-Performing Assets (NPA) due to default on credit facilities. Legal and demand notices were issued to both the Corporate Debtor and the Personal Guarantor. A Personal Insolvency Resolution Process (PIRP) was previously initiated against Mr. Prabhu, during which a Resolution Professional was appointed.
State Bank of India (Petitioner/Applicant/Financial Creditor) filed an application to initiate bankruptcy process against Mr. Narayan Pundlik Shenvi Prabhu.
The application was filed under Section 123 of the IBC, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019.
M/s. Aditya Vidyut Appliance Limited is the Corporate Debtor, engaged in transformer manufacturing and remanufacturing.
Mr. Narayan Pundlik Shenvi Prabhu is a Personal Guarantor of the Corporate Debtor.
The Corporate Debtor defaulted on credit facilities, leading to its accounts being declared Non-Performing Assets (NPA) on 16.10.2018.
…Accounts of the…
Petitioner issued a Notice under Section 13(2)…