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. 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.
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 a Cash Credit facility with a limit of Rs. 2.50 Crores and Bank Guarantee Facilities aggregating to Rs.48 Crores, totaling Rs.50.50 Crores. The corporate debtor defaulted, leading to a total principal amount of default payable of Rs.32,30,71,217.76/- along with a total interest amount of Rs.15,72,26,350.93/-, calculated until 17.05.2022. The loan account was declared NPA on 27.12.2018. The personal guarantor executed a Deed of Guarantee on 25.03.2014. The Financial Creditor issued a Form B Demand
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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. 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.
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 a Cash Credit facility with a limit of Rs. 2.50 Crores and Bank Guarantee Facilities aggregating to Rs.48 Crores, totaling Rs.50.50 Crores. The corporate debtor defaulted, leading to a total principal amount of default payable of Rs.32,30,71,217.76/- along with a total interest amount of Rs.15,72,26,350.93/-, calculated until 17.05.2022. The loan account was declared NPA on 27.12.2018. The personal guarantor executed a Deed of Guarantee on 25.03.2014. The Financial Creditor issued a Form B Demand
…Copies of the sanction…
Corporate Debtor, Personal Guarantor executed a…