The case involves a petition filed by the Bank of Maharashtra against Smt. K Leela Kumari, the personal guarantor of M/s. Style N Supply Private Limited (Corporate Debtor), under Section 95 of the Insolvency and Bankruptcy Code (IBC), 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. The bank had sanctioned working capital facilities to the Corporate Debtor, which subsequently defaulted on repayments. The loan account was declared NPA on 29.11.2014. The personal guarantor had executed a Deed of Guarantee on 19.03.2014. The bank issued a Form B demand notice dated 08.06.2022 to the personal guarantor, requesting payment of the
…The Bank of Maharashtra sanctioned working capital facilities to M/s. Style N Supply Private Limited, with Smt. K Leela Kumari acting as the personal guarantor. The corporate debtor defaulted on repayments, leading to the loan account being declared as NPA on 29.11.2014. The total repayments of the corporate debtor is Rs.17,10,79,788.43/-, including a principal amount of Rs. 5,43,29,623.00/- along with a total interest amount of Rs. 11,67,50,165.43/- calculated until 23.08.2022. Smt. K Leela Kumari executed a Deed of Guarantee on 19.03.2014 to secure the financial assistance. The bank issued a Form B demand notice dated 08.06.2022 to the personal guarantor, requesting payment of the outstanding amount. The notice was delivered on 17.06.2022. The personal guarantor
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Petitioner Bank issued…
Smt. K Leela…
The case involves a petition filed by the Bank of Maharashtra against Smt. K Leela Kumari, the personal guarantor of M/s. Style N Supply Private Limited (Corporate Debtor), under Section 95 of the Insolvency and Bankruptcy Code (IBC), 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. The bank had sanctioned working capital facilities to the Corporate Debtor, which subsequently defaulted on repayments. The loan account was declared NPA on 29.11.2014. The personal guarantor had executed a Deed of Guarantee on 19.03.2014. The bank issued a Form B demand notice dated 08.06.2022 to the personal guarantor, requesting payment of the
…The Bank of Maharashtra sanctioned working capital facilities to M/s. Style N Supply Private Limited, with Smt. K Leela Kumari acting as the personal guarantor. The corporate debtor defaulted on repayments, leading to the loan account being declared as NPA on 29.11.2014. The total repayments of the corporate debtor is Rs.17,10,79,788.43/-, including a principal amount of Rs. 5,43,29,623.00/- along with a total interest amount of Rs. 11,67,50,165.43/- calculated until 23.08.2022. Smt. K Leela Kumari executed a Deed of Guarantee on 19.03.2014 to secure the financial assistance. The bank issued a Form B demand notice dated 08.06.2022 to the personal guarantor, requesting payment of the outstanding amount. The notice was delivered on 17.06.2022. The personal guarantor
…Petitioner Bank issued…
Smt. K Leela…