The case involves an application filed by Bank of Baroda (Financial Creditor) against Smt. Sujatha Chandra Nadimpalli (Personal Guarantor/Respondent No.1) and M/s. Veda Biofuel Limited (Corporate Debtor/Respondent No.2) under Section 95 read with Section 60(2) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The application pertains to the insolvency process for personal guarantors to corporate debtors. The Corporate Debtor availed credit facilities, including a term loan and working capital, but defaulted on repayments. The Personal Guarantor provided guarantees for these facilities. The bank initiated proceedings under SARFAESI Act and also filed a Company Petition under Section 9 of IBC, which was
…M/s. Veda Biofuel Limited (Corporate Debtor/Respondent No.2) availed Rs.24.00 Crores via a sanction letter dated 2014-01-02 for establishing a 2.3 MW Co-Generation Power Plant. A consortium of banks, led by Bank of Baroda (Petitioner), sanctioned an additional Term Loan II of Rs.13,30,00,000/- and working capital of Rs.14,00,00,000/-, with the Petitioner's share being Rs.5 Crores in Term Loan II and Rs.8 Crores in working capital. Necessary documentation was executed on 2014-07-03 and 2015-12-18. Respondent No.2 executed a deed of Hypothecation on 2014-07-03 and 2015-12-18. Smt. Sujatha Chandra Nadimpalli (Personal Guarantor/Respondent No.1) stood as a Personal Guarantor for the credit facilities and executed Personal Guarantee Deeds guaranteeing payment of
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Corporate Debtor availed Rs.24.00 Crores vide…
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The case involves an application filed by Bank of Baroda (Financial Creditor) against Smt. Sujatha Chandra Nadimpalli (Personal Guarantor/Respondent No.1) and M/s. Veda Biofuel Limited (Corporate Debtor/Respondent No.2) under Section 95 read with Section 60(2) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The application pertains to the insolvency process for personal guarantors to corporate debtors. The Corporate Debtor availed credit facilities, including a term loan and working capital, but defaulted on repayments. The Personal Guarantor provided guarantees for these facilities. The bank initiated proceedings under SARFAESI Act and also filed a Company Petition under Section 9 of IBC, which was
…M/s. Veda Biofuel Limited (Corporate Debtor/Respondent No.2) availed Rs.24.00 Crores via a sanction letter dated 2014-01-02 for establishing a 2.3 MW Co-Generation Power Plant. A consortium of banks, led by Bank of Baroda (Petitioner), sanctioned an additional Term Loan II of Rs.13,30,00,000/- and working capital of Rs.14,00,00,000/-, with the Petitioner's share being Rs.5 Crores in Term Loan II and Rs.8 Crores in working capital. Necessary documentation was executed on 2014-07-03 and 2015-12-18. Respondent No.2 executed a deed of Hypothecation on 2014-07-03 and 2015-12-18. Smt. Sujatha Chandra Nadimpalli (Personal Guarantor/Respondent No.1) stood as a Personal Guarantor for the credit facilities and executed Personal Guarantee Deeds guaranteeing payment of
…Corporate Debtor availed Rs.24.00 Crores vide…
Respondents e…