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 (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 Shri Donkena Purna Sri. The corporate debtor's account was declared
…Bank of Maharashtra extended financial facilities to M/s. Maven Life Sciences Private Limited, the Corporate Debtor, including cash credit, bank guarantee, and letter of credit facilities. Shri Donkena Purna Sri acted as the personal guarantor for these facilities, executing a Deed of Guarantee on 16.07.2012. The corporate debtor defaulted on its repayment obligations, leading to its loan account being classified as a Non-Performing Asset (NPA) on 28.01.2013. The total outstanding amount, including interest, was Rs. 15,61,37,642.33 as of 23.08.2022. The bank issued a demand notice to the personal guarantor on 15.06.2022, requesting him to honor the guarantee. The guarantor failed to comply. The bank then filed a petition under Section 95 of the IBC, seeking initiation
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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 (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 Shri Donkena Purna Sri. The corporate debtor's account was declared
…Bank of Maharashtra extended financial facilities to M/s. Maven Life Sciences Private Limited, the Corporate Debtor, including cash credit, bank guarantee, and letter of credit facilities. Shri Donkena Purna Sri acted as the personal guarantor for these facilities, executing a Deed of Guarantee on 16.07.2012. The corporate debtor defaulted on its repayment obligations, leading to its loan account being classified as a Non-Performing Asset (NPA) on 28.01.2013. The total outstanding amount, including interest, was Rs. 15,61,37,642.33 as of 23.08.2022. The bank issued a demand notice to the personal guarantor on 15.06.2022, requesting him to honor the guarantee. The guarantor failed to comply. The bank then filed a petition under Section 95 of the IBC, seeking initiation
…Respondent No.1, Personal Guarantor executed a…
The loan account of…