The case involves an application under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Mr. Nagaraj C. M., the personal guarantor of M/s Right Engineers and Equipments India Private Limited, a corporate debtor. The financial creditor, Sir M. Visvesvaraya Co-operative Bank Limited, seeks to initiate insolvency resolution process against the personal guarantor due to the corporate debtor's default.
Mr. Nagaraj C. M. is the personal guarantor of M/s Right Engineers and Equipments India Private Limited.
Sir M. Visvesvaraya Co-operative Bank Limited extended financial facilities to the Corporate Debtor.
The Corporate Debtor defaulted in servicing the financial facilities.
CIRP proceedings were initiated against the Corporate Debtor in CP(IB)/320/BB/2019 and admitted on 29.10.2019.
The Corporate Debtor was ordered into Liquidation on 02.12.2020, and Mr. Addanki Haresh was appointed as Liquidator.
The Bank invoked the Personal Guarantee dated 25.10.2016 executed by Mr. Nagaraj C. M and issued notice under Rule 7(1) of the IBBI Rules, 2019, read with Section 95(4)(b) of the IBC, 2016, in Form B on 17.12.2022.
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CIRP proceedings…
The Corporate Debtor…
The case involves an application under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Mr. Nagaraj C. M., the personal guarantor of M/s Right Engineers and Equipments India Private Limited, a corporate debtor. The financial creditor, Sir M. Visvesvaraya Co-operative Bank Limited, seeks to initiate insolvency resolution process against the personal guarantor due to the corporate debtor's default.
Mr. Nagaraj C. M. is the personal guarantor of M/s Right Engineers and Equipments India Private Limited.
Sir M. Visvesvaraya Co-operative Bank Limited extended financial facilities to the Corporate Debtor.
The Corporate Debtor defaulted in servicing the financial facilities.
CIRP proceedings were initiated against the Corporate Debtor in CP(IB)/320/BB/2019 and admitted on 29.10.2019.
The Corporate Debtor was ordered into Liquidation on 02.12.2020, and Mr. Addanki Haresh was appointed as Liquidator.
The Bank invoked the Personal Guarantee dated 25.10.2016 executed by Mr. Nagaraj C. M and issued notice under Rule 7(1) of the IBBI Rules, 2019, read with Section 95(4)(b) of the IBC, 2016, in Form B on 17.12.2022.
…CIRP proceedings…
The Corporate Debtor…