The case involves a petition filed by Bank of Maharashtra, the Financial Creditor, under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking initiation of the Insolvency Resolution Process against Shri B. Narasimha Reddy, the Personal Guarantor of M/s. Elite Infra Projects Private Limited (Corporate Debtor). The Financial Creditor had sanctioned working capital facilities to the Corporate Debtor, which subsequently defaulted on its repayment obligations, leading to its account being declared as NPA. The Personal Guarantor had executed a Deed of Guarantee to secure the
…Bank of Maharashtra, the Financial Creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Insolvency Resolution Process against Shri B. Narasimha Reddy, the Personal Guarantor of M/s. Elite Infra Projects Private Limited, the Corporate Debtor. The Financial Creditor had sanctioned working capital facilities to the Corporate Debtor, including a Cash Credit facility with a limit of Rs. 950 Lakhs. The Corporate Debtor defaulted on its repayment obligations, leading to its account being declared as NPA on 12.10.2015. The total repayments of the corporate debtor is Rs.40,48,32,021.00/-, including a principal amount of Rs. 15,28,53,834.54/- along with a total interest amount of Rs. 25,19,78,186.48/- calculated
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Personal Guarantor…
Loan account of…
The case involves a petition filed by Bank of Maharashtra, the Financial Creditor, under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking initiation of the Insolvency Resolution Process against Shri B. Narasimha Reddy, the Personal Guarantor of M/s. Elite Infra Projects Private Limited (Corporate Debtor). The Financial Creditor had sanctioned working capital facilities to the Corporate Debtor, which subsequently defaulted on its repayment obligations, leading to its account being declared as NPA. The Personal Guarantor had executed a Deed of Guarantee to secure the
…Bank of Maharashtra, the Financial Creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Insolvency Resolution Process against Shri B. Narasimha Reddy, the Personal Guarantor of M/s. Elite Infra Projects Private Limited, the Corporate Debtor. The Financial Creditor had sanctioned working capital facilities to the Corporate Debtor, including a Cash Credit facility with a limit of Rs. 950 Lakhs. The Corporate Debtor defaulted on its repayment obligations, leading to its account being declared as NPA on 12.10.2015. The total repayments of the corporate debtor is Rs.40,48,32,021.00/-, including a principal amount of Rs. 15,28,53,834.54/- along with a total interest amount of Rs. 25,19,78,186.48/- calculated
…Personal Guarantor…
Loan account of…