The case involves a petition filed by Bank of Maharashtra against Mr. Donkena Purna Sri, the personal guarantor of M/s. Maven Life Sciences Private Limited (Corporate Debtor), 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. The bank sought initiation of the Insolvency Resolution Process (IRP) against the personal guarantor due to the corporate debtor's failure to meet its financial obligations. The bank had sanctioned credit facilities to the corporate debtor, which were secured by a guarantee from Mr. Donkena Purna Sri. The corporate debtor's account was declared NPA
…Bank of Maharashtra extended credit facilities to M/s. Maven Life Sciences Private Limited, with Mr. Donkena Purna Sri acting as the personal guarantor. A deed of guarantee was executed on 16.07.2012 to secure the financial assistance. The corporate debtor's account was declared a Non-Performing Asset (NPA) on 28.01.2013 due to its failure to honor its obligations. The total outstanding amount was Rs. 15,61,37,642.33, including an interest amount of Rs. 11,03,68,822.33 calculated until 23.08.2022. The bank issued a Form B demand notice dated 15.06.2022 to the personal guarantor, requesting him to honor the terms of the agreement. The Hon'ble DRT had certified that the Financial Creditor is entitled of the amounts due against the Loan Facilities vide its Recovery
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Respondent No.1, Personal Guarantor executed a…
The loan account of…
The case involves a petition filed by Bank of Maharashtra against Mr. Donkena Purna Sri, the personal guarantor of M/s. Maven Life Sciences Private Limited (Corporate Debtor), 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. The bank sought initiation of the Insolvency Resolution Process (IRP) against the personal guarantor due to the corporate debtor's failure to meet its financial obligations. The bank had sanctioned credit facilities to the corporate debtor, which were secured by a guarantee from Mr. Donkena Purna Sri. The corporate debtor's account was declared NPA
…Bank of Maharashtra extended credit facilities to M/s. Maven Life Sciences Private Limited, with Mr. Donkena Purna Sri acting as the personal guarantor. A deed of guarantee was executed on 16.07.2012 to secure the financial assistance. The corporate debtor's account was declared a Non-Performing Asset (NPA) on 28.01.2013 due to its failure to honor its obligations. The total outstanding amount was Rs. 15,61,37,642.33, including an interest amount of Rs. 11,03,68,822.33 calculated until 23.08.2022. The bank issued a Form B demand notice dated 15.06.2022 to the personal guarantor, requesting him to honor the terms of the agreement. The Hon'ble DRT had certified that the Financial Creditor is entitled of the amounts due against the Loan Facilities vide its Recovery
…Respondent No.1, Personal Guarantor executed a…
The loan account of…