The case pertains to an application filed by a Financial Creditor, Bank of Maharastra, against Mr. Donkena Purna Sri (Maven Life Sciences Pvt Ltd) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The Tribunal ordered notice to the Personal Guarantor, which was duly served. However, the Personal Guarantor did not appear or contest the Petition, leading to an ex-parte decision.
Bank of Maharastra filed an application against Mr. Donkena Purna Sri (Maven Life Sciences Pvt Ltd) under Section 95 of IBC, 2016. The Tribunal served notice to the Personal Guarantor, but the Guarantor did not appear. The Tribunal admitted the petition, declared a moratorium, and appointed Shri Golla Rama Kanth Rao as IRP. The IRP must file a report within 10 days. Respondents must file a reply within two weeks. The case was adjourned to 2023-05-29. The interim moratorium commences from the date of filing the application under Section 96(1)(a) of IBC, 2016. Legal actions are governed under Section 96(1)(b) of the Code.
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The case pertains to an application filed by a Financial Creditor, Bank of Maharastra, against Mr. Donkena Purna Sri (Maven Life Sciences Pvt Ltd) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The Tribunal ordered notice to the Personal Guarantor, which was duly served. However, the Personal Guarantor did not appear or contest the Petition, leading to an ex-parte decision.
Bank of Maharastra filed an application against Mr. Donkena Purna Sri (Maven Life Sciences Pvt Ltd) under Section 95 of IBC, 2016. The Tribunal served notice to the Personal Guarantor, but the Guarantor did not appear. The Tribunal admitted the petition, declared a moratorium, and appointed Shri Golla Rama Kanth Rao as IRP. The IRP must file a report within 10 days. Respondents must file a reply within two weeks. The case was adjourned to 2023-05-29. The interim moratorium commences from the date of filing the application under Section 96(1)(a) of IBC, 2016. Legal actions are governed under Section 96(1)(b) of the Code.
Hearing he…
Tribunal admits the…