State Bank of India (Financial Creditor/Applicant) filed an application under Section 95 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 Debtors) Rules, 2019, to initiate insolvency resolution process against Mr. Nihar Nitin Parikh (Personal Guarantor/Respondent).
State Bank of India granted credit facilities to Shrenuj and Company Limited (Corporate Debtor) amounting to ₹133.78 Crore.
Nihar Parikh, being a Director of the Corporate Debtor at the relevant time, furnished a joint Deed of Guarantee dated 30.09.2013.
The Corporate Debtor defaulted on repayment, leading the Financial Creditor to recall the credit facilities and invoke the personal guarantees vide letters dated 17.02.2017.
The Financial Creditor initiated recovery proceedings before DRT-III Mumbai Bench on 30.05.2017.
CIRP was initiated against the Corporate Debtor, and the Tribunal ordered liquidation on 12.07.2021.
A Demand Notice in Form B dated 25.03.2021 was served on the Personal Guarantor, demanding payment of ₹139.82 Crores.
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Joint Deed of G…
Financial Creditor…
State Bank of India (Financial Creditor/Applicant) filed an application under Section 95 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 Debtors) Rules, 2019, to initiate insolvency resolution process against Mr. Nihar Nitin Parikh (Personal Guarantor/Respondent).
State Bank of India granted credit facilities to Shrenuj and Company Limited (Corporate Debtor) amounting to ₹133.78 Crore.
Nihar Parikh, being a Director of the Corporate Debtor at the relevant time, furnished a joint Deed of Guarantee dated 30.09.2013.
The Corporate Debtor defaulted on repayment, leading the Financial Creditor to recall the credit facilities and invoke the personal guarantees vide letters dated 17.02.2017.
The Financial Creditor initiated recovery proceedings before DRT-III Mumbai Bench on 30.05.2017.
CIRP was initiated against the Corporate Debtor, and the Tribunal ordered liquidation on 12.07.2021.
A Demand Notice in Form B dated 25.03.2021 was served on the Personal Guarantor, demanding payment of ₹139.82 Crores.
…Joint Deed of G…
Financial Creditor…