The Bank of Maharashtra filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 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 Donkena Yadagiri, the personal guarantor of M/s. Maven Life Sciences Private Limited. The bank had sanctioned credit facilities to Maven Life Sciences, which defaulted on its obligations, leading to its account being declared NPA. The personal guarantor had executed a Deed of Guarantee to secure the financial assistance.
The Bank of Maharashtra extended credit facilities to M/s. Maven Life Sciences Private Limited, including cash credit, bank guarantee, and letter of credit, totaling Rs. 400 Lakhs. The corporate debtor defaulted on its repayment obligations, resulting in the account being classified as a Non-Performing Asset (NPA) on 2013-01-28. Shri Donkena Yadagiri, as the personal guarantor, executed a Deed of Guarantee on 2012-07-16 to secure the financial assistance granted to the corporate debtor. The bank issued a demand notice to the personal guarantor on 2022-06-15, requesting him to honor the terms of the agreement. The Resolution Professional (RP) was appointed on 2023-05-01 and filed a report recommending the admission of the petition under Section 95 of the Code, 2016, as
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Respondent No.1, Personal Guarantor executed a…
The Petitioner Bank issued a…
The Bank of Maharashtra filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 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 Donkena Yadagiri, the personal guarantor of M/s. Maven Life Sciences Private Limited. The bank had sanctioned credit facilities to Maven Life Sciences, which defaulted on its obligations, leading to its account being declared NPA. The personal guarantor had executed a Deed of Guarantee to secure the financial assistance.
The Bank of Maharashtra extended credit facilities to M/s. Maven Life Sciences Private Limited, including cash credit, bank guarantee, and letter of credit, totaling Rs. 400 Lakhs. The corporate debtor defaulted on its repayment obligations, resulting in the account being classified as a Non-Performing Asset (NPA) on 2013-01-28. Shri Donkena Yadagiri, as the personal guarantor, executed a Deed of Guarantee on 2012-07-16 to secure the financial assistance granted to the corporate debtor. The bank issued a demand notice to the personal guarantor on 2022-06-15, requesting him to honor the terms of the agreement. The Resolution Professional (RP) was appointed on 2023-05-01 and filed a report recommending the admission of the petition under Section 95 of the Code, 2016, as
…Respondent No.1, Personal Guarantor executed a…
The Petitioner Bank issued a…