Mrs. V. Lakshmi, a personal guarantor for Vahanashree Marketing Services Private Limited, Shree Varsha Papers, and Valarthiru Print Packs, filed an application under Section 94(1) of the IBC, 2016, to initiate her insolvency resolution process. Debts are owed to Tamilnad Mercantile Bank Limited (TMB) and Mr. M. Ramachandran. TMB had already initiated measures under the SARFAESI Act, including the sale of a mortgaged property, which Mrs. V. Lakshmi had unsuccessfully challenged.
Mrs. V. Lakshmi, a personal guarantor, filed an application under Section 94(1) of the IBC, 2016, to initiate her insolvency resolution process.
The application is filed in respect of Mrs. V. Lakshmi's role as a personal guarantor for Vahanashree Marketing Services Private Limited (Corporate Debtor).
Mrs. V. Lakshmi also furnished personal guarantees for credit facilities availed by M/s. Shree Varsha Papers and M/s. Valarthiru Print Packs from Tamilnad Mercantile Bank Limited (TMB).
The total default amount to TMB is Rs. 1,13,52,633.58/- and Rs. 53,75,428/-.
The dates of default are 14.11.2023 and 02.01.2025.
TMB invoked personal guarantees by issuing demand notices dated 21.11.2023, 31.01.2024, and 04.03.2024 under Section 13(2) of the SARFAESI Act, 2002.
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Mrs. V. Lakshmi, a personal guarantor for Vahanashree Marketing Services Private Limited, Shree Varsha Papers, and Valarthiru Print Packs, filed an application under Section 94(1) of the IBC, 2016, to initiate her insolvency resolution process. Debts are owed to Tamilnad Mercantile Bank Limited (TMB) and Mr. M. Ramachandran. TMB had already initiated measures under the SARFAESI Act, including the sale of a mortgaged property, which Mrs. V. Lakshmi had unsuccessfully challenged.
Mrs. V. Lakshmi, a personal guarantor, filed an application under Section 94(1) of the IBC, 2016, to initiate her insolvency resolution process.
The application is filed in respect of Mrs. V. Lakshmi's role as a personal guarantor for Vahanashree Marketing Services Private Limited (Corporate Debtor).
Mrs. V. Lakshmi also furnished personal guarantees for credit facilities availed by M/s. Shree Varsha Papers and M/s. Valarthiru Print Packs from Tamilnad Mercantile Bank Limited (TMB).
The total default amount to TMB is Rs. 1,13,52,633.58/- and Rs. 53,75,428/-.
The dates of default are 14.11.2023 and 02.01.2025.
TMB invoked personal guarantees by issuing demand notices dated 21.11.2023, 31.01.2024, and 04.03.2024 under Section 13(2) of the SARFAESI Act, 2002.
…One of the dates of default occurred;…
Tamilnad Mercantile Bank Limited (TMB) issued a…