The Bank of Maharashtra, as the Financial Creditor/Petitioner, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Gulabrao Khanderao Shinde, the Personal Guarantor of Trimurti Corns Agro Foods Private Limited (Principal Borrower). The Corporate Debtor and its Guarantors had approached the Financial Creditor in 2016 for credit facilities, which were sanctioned. The Corporate Debtor defaulted in repayment, leading to the petition.
The Bank of Maharashtra filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Gulabrao Khanderao Shinde, the Personal Guarantor of Trimurti Corns Agro Foods Private Limited. The Corporate Debtor and its Guarantors had approached the Financial Creditor in 2016 for credit facilities, which were sanctioned on 30.09.2016. Gulabrao Khanderao Shinde provided a personal guarantee for the credit facility. The Deed of Guarantee was executed on 21.10.2016. The Principal Borrower defaulted in repayment, with the debt falling due on 29.09.2017. The Financial Creditor issued a Demand Notice on 02.07.2022. The total amount due was Rs. 38,22,33,280 as of 31.01.2023. The Personal Guarantor failed to repay
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The Bank of Maharashtra, as the Financial Creditor/Petitioner, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Gulabrao Khanderao Shinde, the Personal Guarantor of Trimurti Corns Agro Foods Private Limited (Principal Borrower). The Corporate Debtor and its Guarantors had approached the Financial Creditor in 2016 for credit facilities, which were sanctioned. The Corporate Debtor defaulted in repayment, leading to the petition.
The Bank of Maharashtra filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Gulabrao Khanderao Shinde, the Personal Guarantor of Trimurti Corns Agro Foods Private Limited. The Corporate Debtor and its Guarantors had approached the Financial Creditor in 2016 for credit facilities, which were sanctioned on 30.09.2016. Gulabrao Khanderao Shinde provided a personal guarantee for the credit facility. The Deed of Guarantee was executed on 21.10.2016. The Principal Borrower defaulted in repayment, with the debt falling due on 29.09.2017. The Financial Creditor issued a Demand Notice on 02.07.2022. The total amount due was Rs. 38,22,33,280 as of 31.01.2023. The Personal Guarantor failed to repay
…The Corporate Debtor and its Guarantors…
The Financial Creditor…