The Bank of Maharashtra filed a company petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate an insolvency resolution process against Smt. Jayashree Suresh Nair, the personal guarantor for a loan facility extended to M/s. Narayana Farm Produce Pvt. Ltd. The Corporate Debtor had approached the bank for a term loan of Rs. 70 crores and a cash credit facility of Rs. 5 crores, which the bank sanctioned on 04.10.2010. The Corporate Debtor executed demand promissory notes on 01.11.2010. The Personal Guarantor executed a Deed of Guarantee in favor of the bank on 01.11.2010. The Guarantors also created an equitable mortgage on 30.08.2011 to secure the loan facilities.
The Bank of Maharashtra extended loan facilities to M/s. Narayana Farm Produce Pvt. Ltd. (the Corporate Debtor), for which Smt. Jayashree Suresh Nair acted as the personal guarantor. The Corporate Debtor availed a term loan of Rs. 70 crores and a cash credit facility of Rs. 5 crores, sanctioned on 04.10.2010. Demand Promissory Notes were executed on 01.11.2010. A Deed of Guarantee was executed by the Personal Guarantor on 01.11.2010. The Guarantors created an equitable mortgage on 30.08.2011. The Corporate Debtor defaulted on the loan repayment. The bank issued notices and a demand notice in Form B on 03.08.2022 for Rs. 228,48,32,932/-, which remained unpaid. The bank then filed a petition under Section 95 of the IBC to initiate insolvency resolution against the
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The Applicant Bank sanctioned a Term Loan of…
The Corporate Debtor…
The Bank of Maharashtra filed a company petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate an insolvency resolution process against Smt. Jayashree Suresh Nair, the personal guarantor for a loan facility extended to M/s. Narayana Farm Produce Pvt. Ltd. The Corporate Debtor had approached the bank for a term loan of Rs. 70 crores and a cash credit facility of Rs. 5 crores, which the bank sanctioned on 04.10.2010. The Corporate Debtor executed demand promissory notes on 01.11.2010. The Personal Guarantor executed a Deed of Guarantee in favor of the bank on 01.11.2010. The Guarantors also created an equitable mortgage on 30.08.2011 to secure the loan facilities.
The Bank of Maharashtra extended loan facilities to M/s. Narayana Farm Produce Pvt. Ltd. (the Corporate Debtor), for which Smt. Jayashree Suresh Nair acted as the personal guarantor. The Corporate Debtor availed a term loan of Rs. 70 crores and a cash credit facility of Rs. 5 crores, sanctioned on 04.10.2010. Demand Promissory Notes were executed on 01.11.2010. A Deed of Guarantee was executed by the Personal Guarantor on 01.11.2010. The Guarantors created an equitable mortgage on 30.08.2011. The Corporate Debtor defaulted on the loan repayment. The bank issued notices and a demand notice in Form B on 03.08.2022 for Rs. 228,48,32,932/-, which remained unpaid. The bank then filed a petition under Section 95 of the IBC to initiate insolvency resolution against the
…The Applicant Bank sanctioned a Term Loan of…
The Corporate Debtor…