The Appellant, Mr. Omkaram Venkata Ramana, filed an appeal against the order dated 17.03.2023 passed by the National Company Law Tribunal, Amaravati Bench, in IA(IBC) No.58/2022 in CP(IB) No.217/94/AMR/2019. The Appellant, promoter of Nithin Group of Companies, had availed loan facilities from Bank of India and also given a personal guarantee. Proceedings under Section 94 of the I&B Code, 2016, were initiated against him.
The Appellant, Mr. Omkaram Venkata Ramana, is the promoter of Nithin Group of Companies.
The Appellant availed loan facilities from Bank of India and provided a personal guarantee for the loans.
Proceedings under Section 94 of the I&B Code, 2016, were initiated against the Appellant.
The Appellant submitted a repayment plan to the Resolution Professional, which was placed before the Committee of Creditors (CoC).
Bank of India, holding 71.22% voting share, rejected the repayment plan.
The Appellant's repayment plan offered Rs.68.84 lakhs, while the outstanding dues to Bank of India were more than Rs.106 crores.
The Adjudicating Authority accepted the Resolution Professional's report and the CoC's decision to reject the repayment plan.
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Order passed by the…
Meeting of creditors held where the…
The Appellant, Mr. Omkaram Venkata Ramana, filed an appeal against the order dated 17.03.2023 passed by the National Company Law Tribunal, Amaravati Bench, in IA(IBC) No.58/2022 in CP(IB) No.217/94/AMR/2019. The Appellant, promoter of Nithin Group of Companies, had availed loan facilities from Bank of India and also given a personal guarantee. Proceedings under Section 94 of the I&B Code, 2016, were initiated against him.
The Appellant, Mr. Omkaram Venkata Ramana, is the promoter of Nithin Group of Companies.
The Appellant availed loan facilities from Bank of India and provided a personal guarantee for the loans.
Proceedings under Section 94 of the I&B Code, 2016, were initiated against the Appellant.
The Appellant submitted a repayment plan to the Resolution Professional, which was placed before the Committee of Creditors (CoC).
Bank of India, holding 71.22% voting share, rejected the repayment plan.
The Appellant's repayment plan offered Rs.68.84 lakhs, while the outstanding dues to Bank of India were more than Rs.106 crores.
The Adjudicating Authority accepted the Resolution Professional's report and the CoC's decision to reject the repayment plan.
Order passed by the…
Meeting of creditors held where the…