The Bank of Maharashtra, acting as the financial creditor, initiated proceedings against Mr. Gali Niranjan, the personal guarantor to M/s Rex Contractors & Traders Pvt Ltd (the corporate debtor), under Section 123 read with 60(2) of the Insolvency and Bankruptcy Code, 2016, and Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The corporate debtor had availed credit facilities of Rs. 1.80 Crores from the bank, for which Mr. Gali Niranjan provided a personal guarantee. The corporate debtor defaulted, leading to its account being declared NPA on 20.01.2014. The financial creditor claimed an outstanding amount of Rs. 8,21,44,938/-. The personal guarantor
…Bank of Maharashtra extended credit facilities amounting to Rs. 1.80 Crores to M/s Rex Contractors & Traders Pvt Ltd, the corporate debtor. Mr. Gali Niranjan provided a personal guarantee for these facilities. The corporate debtor defaulted on its obligations, leading to the account being classified as a Non-Performing Asset (NPA) on 20.01.2014. The outstanding amount payable to the financial creditor was Rs. 8,21,44,938/- as of 20.09.2024. The creditor issued a demand notice to the personal guarantor, who failed to comply. Consequently, CP(IB) No. 43/95/HDB/2023 was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016. The Tribunal admitted the case on 06.07.2023 and appointed Mr. Golla Ramakantha Rao as the Resolution Professional. The personal
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Applicant sanctioned Rs.1.80 Crores in the…
Personal gua…
The Bank of Maharashtra, acting as the financial creditor, initiated proceedings against Mr. Gali Niranjan, the personal guarantor to M/s Rex Contractors & Traders Pvt Ltd (the corporate debtor), under Section 123 read with 60(2) of the Insolvency and Bankruptcy Code, 2016, and Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The corporate debtor had availed credit facilities of Rs. 1.80 Crores from the bank, for which Mr. Gali Niranjan provided a personal guarantee. The corporate debtor defaulted, leading to its account being declared NPA on 20.01.2014. The financial creditor claimed an outstanding amount of Rs. 8,21,44,938/-. The personal guarantor
…Bank of Maharashtra extended credit facilities amounting to Rs. 1.80 Crores to M/s Rex Contractors & Traders Pvt Ltd, the corporate debtor. Mr. Gali Niranjan provided a personal guarantee for these facilities. The corporate debtor defaulted on its obligations, leading to the account being classified as a Non-Performing Asset (NPA) on 20.01.2014. The outstanding amount payable to the financial creditor was Rs. 8,21,44,938/- as of 20.09.2024. The creditor issued a demand notice to the personal guarantor, who failed to comply. Consequently, CP(IB) No. 43/95/HDB/2023 was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016. The Tribunal admitted the case on 06.07.2023 and appointed Mr. Golla Ramakantha Rao as the Resolution Professional. The personal
…Applicant sanctioned Rs.1.80 Crores in the…
Personal gua…