The South Indian Bank filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the rejection of C.P. No. 109 of 2023 filed by K.C. Mohanan, the Respondent/Personal Guarantor, under Section 94 of the IBC.
The South Indian Bank provided financial facilities to M/s We Two Engineering Private Limited, where K.C. Mohanan was a Director and Personal Guarantor.
The facilities included overdraft, cash credit, term loans, letters of credit, bank guarantees, WCTLs, FITL, and ECLGS loans.
The accounts of the Corporate Debtor and guarantors were classified as Non-Performing Assets (NPA) on 16.05.2022.
SARFAESI proceedings were initiated, and a demand notice dated 14.07.2022 was issued under Section 13(2) of the SARFAESI Act.
K.C. Mohanan invoked Section 94(1) of the IBC by filing C.P. No. 109 of 2023, thereby obtaining the statutory moratorium.
The Applicant Bank contended that the said petition is mala fide, filed only to thwart the recovery measures lawfully initiated under SARFAESI.
…Sign in to view the parties.
Accounts of the Corporate Debtor and guarantors…
Demand notice issued…
The South Indian Bank filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the rejection of C.P. No. 109 of 2023 filed by K.C. Mohanan, the Respondent/Personal Guarantor, under Section 94 of the IBC.
The South Indian Bank provided financial facilities to M/s We Two Engineering Private Limited, where K.C. Mohanan was a Director and Personal Guarantor.
The facilities included overdraft, cash credit, term loans, letters of credit, bank guarantees, WCTLs, FITL, and ECLGS loans.
The accounts of the Corporate Debtor and guarantors were classified as Non-Performing Assets (NPA) on 16.05.2022.
SARFAESI proceedings were initiated, and a demand notice dated 14.07.2022 was issued under Section 13(2) of the SARFAESI Act.
K.C. Mohanan invoked Section 94(1) of the IBC by filing C.P. No. 109 of 2023, thereby obtaining the statutory moratorium.
The Applicant Bank contended that the said petition is mala fide, filed only to thwart the recovery measures lawfully initiated under SARFAESI.
…Accounts of the Corporate Debtor and guarantors…
Demand notice issued…