Notice issued by SBI to CD Recalling Loan Facility Not Amounts to Demand on Corporate Guarantor: NCLT [Read Order]

While dismissing the application, the NCLT held that since the pre-requisite condition for initiating CIRP under Section 7 of the IBC has not been satisfied, the CIRP application is not maintainable
By Yogitha S. Yogesh - On July 7, 2024 5:40 pm - 2 mins read
SBI - NCLT - Loan Facility - Financial creditor - Mumbai bench - CD Recalling - Corporate Guarantor - State Bank of India - taxscan

The Mumbai bench of the National Company Law Tribunal ( NCLT ) held that notice issued by the State Bank of India ( SBI ) , the Financial creditor to Corporate Debtor recalling loan facility not amounts to Demand on Corporate Guarantor.The SBI extended various creditor facilities to Deogiri Infrastructure Private Limited (Principal Borrower). Navjeevan…

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