Bank of Baroda filed a petition against Venkata Sujatha Penmetsa (Personal Guarantor) and Veda Biofuel Limited (Corporate Debtor) under Section 95 of IBC, seeking to initiate Corporate Insolvency Resolution Process (CIRP).
Bank of Baroda sanctioned a Rupee Term Loan of Rs.24 Crores to Veda Biofuel Limited on 02.01.2014 for establishing a 2.3 MW Co-Generation Power Plant.
Respondent No.1 (Venkata Sujatha Penmetsa) is the Personal Guarantor, and Respondent No.2 (Veda Biofuel Limited) is the Corporate Debtor.
Veda Biofuel Limited availed credit facilities but failed to adhere to the repayment terms, resulting in the account becoming a Non-Performing Asset (NPA) on 29.10.2018.
A Company Petition was filed against the Corporate Debtor and admitted to CIRP on 12.02.2019.
The Resolution Professional filed an application for Liquidation of the Corporate Debtor, which was allowed.
The outstanding due amount as on 25.05.2020 is Rs.43,10,94,480.18/-.
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Bank of Baroda…
The account of Veda…
Bank of Baroda filed a petition against Venkata Sujatha Penmetsa (Personal Guarantor) and Veda Biofuel Limited (Corporate Debtor) under Section 95 of IBC, seeking to initiate Corporate Insolvency Resolution Process (CIRP).
Bank of Baroda sanctioned a Rupee Term Loan of Rs.24 Crores to Veda Biofuel Limited on 02.01.2014 for establishing a 2.3 MW Co-Generation Power Plant.
Respondent No.1 (Venkata Sujatha Penmetsa) is the Personal Guarantor, and Respondent No.2 (Veda Biofuel Limited) is the Corporate Debtor.
Veda Biofuel Limited availed credit facilities but failed to adhere to the repayment terms, resulting in the account becoming a Non-Performing Asset (NPA) on 29.10.2018.
A Company Petition was filed against the Corporate Debtor and admitted to CIRP on 12.02.2019.
The Resolution Professional filed an application for Liquidation of the Corporate Debtor, which was allowed.
The outstanding due amount as on 25.05.2020 is Rs.43,10,94,480.18/-.
…Bank of Baroda…
The account of Veda…