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. The corporate debtor had availed working capital facilities from the bank, and upon default, the bank initiated proceedings against the personal guarantor. 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, leading to a total principal amount of default of Rs. 32,30,71,217.76 and a total interest amount of Rs. 15,72,26,350.93 until 17.05.2022. The loan account of the Corporate Debtor was declared as NPA on 27.12.2018. 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 Respondent No.1/Personal
…Sign in to view the parties.
Date of one of the…
Corporate Debtor, Personal Guarantor executed a…
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. The corporate debtor had availed working capital facilities from the bank, and upon default, the bank initiated proceedings against the personal guarantor. 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, leading to a total principal amount of default of Rs. 32,30,71,217.76 and a total interest amount of Rs. 15,72,26,350.93 until 17.05.2022. The loan account of the Corporate Debtor was declared as NPA on 27.12.2018. 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 Respondent No.1/Personal
…Date of one of the…
Corporate Debtor, Personal Guarantor executed a…