ASK Investment Managers Limited filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to initiate the Insolvency Resolution Process against Shri R.Damodaran, the Personal Guarantor, for a principal amount of INR 229,04,09,761 as of 28.02.2022. The date of default was specified as 31.01.2018, the date of the Arbitration Award.
ASK Investment Managers Limited filed an application to initiate Insolvency Resolution Process against R.Damodaran as a Personal Guarantor.
The application is based on a principal amount of INR 229,04,09,761 as of 28.02.2022, with the date of default being 31.01.2018, the date of the Arbitration Award.
R.Damodaran stood as a Personal Guarantor for loans availed by M/s. Ambojini Properties Developers Private Limited, the Corporate Debtor.
The applicant and the promoters, including the respondent, entered into a Subscription & Share Holders Agreement (SSHA) on 23.03.2011.
The Corporate Debtor did not obtain requisite approvals/permissions for the development of lands for a long period of 5 years and failed to comply with the terms of the SSHA.
…Sign in to view the parties.
Order pronounced on…
Mr. Madhu Desikan…
ASK Investment Managers Limited filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to initiate the Insolvency Resolution Process against Shri R.Damodaran, the Personal Guarantor, for a principal amount of INR 229,04,09,761 as of 28.02.2022. The date of default was specified as 31.01.2018, the date of the Arbitration Award.
ASK Investment Managers Limited filed an application to initiate Insolvency Resolution Process against R.Damodaran as a Personal Guarantor.
The application is based on a principal amount of INR 229,04,09,761 as of 28.02.2022, with the date of default being 31.01.2018, the date of the Arbitration Award.
R.Damodaran stood as a Personal Guarantor for loans availed by M/s. Ambojini Properties Developers Private Limited, the Corporate Debtor.
The applicant and the promoters, including the respondent, entered into a Subscription & Share Holders Agreement (SSHA) on 23.03.2011.
The Corporate Debtor did not obtain requisite approvals/permissions for the development of lands for a long period of 5 years and failed to comply with the terms of the SSHA.
…Order pronounced on…
Mr. Madhu Desikan…