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BPSL's Sanjay Singal appeals against SBI invocation of personal guarantee, cites Anil Ambani case

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BPSL's Sanjay Singal appeals against SBI invocation of personal guarantee, cites Anil Ambani case

​In a notice to Singal dated August 31 SBI had said total loans of Rs 12,276 crore were due to the bank by the company and are now in default and have not been paid since February 13 2018. The bank had given Singal 14 days to pay up the dues as a guarantor failing which insolvency proceedings will be initiated.
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21 Sep 2020 2 Mins Read 0 comment
Agencies
Mumbai: Bhushan Power and Steel (BPSL) promoter Sanjay Singal has filed an appeal against State Bank of India's (SBI) decision to invoke his personal guarantee for failing to pay dues of the company. Singal is seeking relief on similar lines of the one granted to Anil Ambani. The appeal was filed in Monday and will be heard in the
challenged the government's Insovency Resolution Process (for personal guarantors to corporate debtors) Regulations 2019. The court is yet to hear the matter. Lenders are however determined to fight as the BPSL resolution is the largest one close to completion and is crucial for lenders which are struggling to recovery from smaller accounts after the Covid 19 induced economic slowdown.
Mumbai: Bhushan Power and Steel (BPSL) promoter Sanjay Singal has filed an appeal against State Bank of India's (SBI) decision to invoke his personal guarantee for failing to pay dues of the company. Singal is seeking relief on similar lines of the one granted to Anil Ambani. The appeal was filed in Monday and will be heard in the challenged the government's Insovency Resolution Process (for personal guarantors to corporate debtors) Regulations 2019. The court is yet to hear the matter. Lenders are however determined to fight as the BPSL resolution is the largest one close to completion and is crucial for lenders which are struggling to recovery from smaller accounts after the Covid 19 induced economic slowdown.

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