The Bank of Maharashtra filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against Smt. Manda Venkata Mahalakshmi, the personal guarantor of SV SVS Projects Private Limited (Corporate Debtor). The Corporate Debtor had availed working capital facilities from the bank, and upon default, the account was declared NPA. The Financial Creditor issued a demand notice to the Personal Guarantor, who failed to pay the outstanding amount. The Resolution Professional recommended the admission of the petition.
Bank of Maharashtra filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Smt. Manda Venkata Mahalakshmi, the personal guarantor of SV SVS Projects Private Limited. The corporate debtor had availed working capital facilities consisting of Cash Credit and Bank Guarantee Facilities aggregating to Rs. 50.50 Crores. The corporate debtor defaulted on its obligations, leading to the loan account being declared as NPA on 27.12.2018. The total principal amount of default was Rs. 32,30,71,217.76 along with an interest amount of Rs. 15,72,26,350.93 calculated until 17.05.2022. The Financial Creditor issued a Form B Demand Notice dated 31.07.2021 to the Personal Guarantor, requesting payment. The Personal Guarantor failed to pay the outstanding
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Date of one of the sanction letters for the…
Execution of Deed of Guarantee by the Corporate…
The Bank of Maharashtra filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against Smt. Manda Venkata Mahalakshmi, the personal guarantor of SV SVS Projects Private Limited (Corporate Debtor). The Corporate Debtor had availed working capital facilities from the bank, and upon default, the account was declared NPA. The Financial Creditor issued a demand notice to the Personal Guarantor, who failed to pay the outstanding amount. The Resolution Professional recommended the admission of the petition.
Bank of Maharashtra filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Smt. Manda Venkata Mahalakshmi, the personal guarantor of SV SVS Projects Private Limited. The corporate debtor had availed working capital facilities consisting of Cash Credit and Bank Guarantee Facilities aggregating to Rs. 50.50 Crores. The corporate debtor defaulted on its obligations, leading to the loan account being declared as NPA on 27.12.2018. The total principal amount of default was Rs. 32,30,71,217.76 along with an interest amount of Rs. 15,72,26,350.93 calculated until 17.05.2022. The Financial Creditor issued a Form B Demand Notice dated 31.07.2021 to the Personal Guarantor, requesting payment. The Personal Guarantor failed to pay the outstanding
…Date of one of the sanction letters for the…
Execution of Deed of Guarantee by the Corporate…