The case involves a petition filed by Bank of Maharashtra against Shri 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 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 Shri Donkena Purna Sri. The corporate debtor's account was declared NPA on
…Bank of Maharashtra (the Financial Creditor) filed a petition against Shri Donkena Purna Sri (the Personal Guarantor) and M/s. Maven Life Sciences Private Limited (the Corporate Debtor) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The bank had sanctioned working capital facilities to the Corporate Debtor, including cash credit, bank guarantee, and letter of credit facilities. Shri Donkena Purna Sri executed a Deed of Guarantee on 16.07.2012 to secure the financial assistance granted to the Corporate Debtor. The Corporate Debtor defaulted on its obligations, leading to its loan account being declared as NPA on 28.01.2013. The total outstanding amount was Rs. 15,61,37,642.33, including interest of Rs. 11,03,68,822.33 calculated until 23.08.2022.
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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 Shri 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 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 Shri Donkena Purna Sri. The corporate debtor's account was declared NPA on
…Bank of Maharashtra (the Financial Creditor) filed a petition against Shri Donkena Purna Sri (the Personal Guarantor) and M/s. Maven Life Sciences Private Limited (the Corporate Debtor) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The bank had sanctioned working capital facilities to the Corporate Debtor, including cash credit, bank guarantee, and letter of credit facilities. Shri Donkena Purna Sri executed a Deed of Guarantee on 16.07.2012 to secure the financial assistance granted to the Corporate Debtor. The Corporate Debtor defaulted on its obligations, leading to its loan account being declared as NPA on 28.01.2013. The total outstanding amount was Rs. 15,61,37,642.33, including interest of Rs. 11,03,68,822.33 calculated until 23.08.2022.
…Respondent No.1, Personal Guarantor executed a…
The loan account of…