Bank of Maharashtra filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against the Personal Guarantor, I.Krishna Pillai. The application stems from credit facilities extended to M/s Garuda Vaayu Sakthi Ltd, for which the Respondent had provided a personal guarantee. The Corporate Debtor defaulted on the debt, leading the Applicant to initiate CIRP against them.
Bank of Maharashtra, the Applicant/Financial Creditor, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against I.Krishna Pillai, the Respondent/Personal Guarantor. The application is based on the fact that M/s Garuda Vaayu Sakthi Ltd had taken credit facilities from the Applicant, and the Respondent had given a personal guarantee for the loan. The Corporate Debtor defaulted on the debt, which led the Applicant to initiate CIRP against the Corporate Debtor. The debt amount is Rs 244.11 Cr, including interest, and the date of default is 31.12.2014. The Applicant has submitted documents, including the Deed of Guarantee, Demand Promissory note, balance sheet, and statement of accounts. A
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The Corporate…
A Demand Notice was issued to the Personal…
Bank of Maharashtra filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against the Personal Guarantor, I.Krishna Pillai. The application stems from credit facilities extended to M/s Garuda Vaayu Sakthi Ltd, for which the Respondent had provided a personal guarantee. The Corporate Debtor defaulted on the debt, leading the Applicant to initiate CIRP against them.
Bank of Maharashtra, the Applicant/Financial Creditor, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against I.Krishna Pillai, the Respondent/Personal Guarantor. The application is based on the fact that M/s Garuda Vaayu Sakthi Ltd had taken credit facilities from the Applicant, and the Respondent had given a personal guarantee for the loan. The Corporate Debtor defaulted on the debt, which led the Applicant to initiate CIRP against the Corporate Debtor. The debt amount is Rs 244.11 Cr, including interest, and the date of default is 31.12.2014. The Applicant has submitted documents, including the Deed of Guarantee, Demand Promissory note, balance sheet, and statement of accounts. A
…The Corporate…
A Demand Notice was issued to the Personal…