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 Mr. Marella Srinivasa Reddy, the personal guarantor of M/s. Maven Life Sciences Private Limited (the Corporate Debtor). The Corporate Debtor had availed credit facilities from the bank, and Mr. Reddy had executed a guarantee deed to secure these facilities. The corporate debtor defaulted on its repayment obligations, leading to the loan account being declared as NPA. Despite demand notices and opportunities to appear before the Tribunal, the personal guarantor failed to comply, leading to the filing of the present application.
The Bank of Maharashtra extended credit facilities to M/s. Maven Life Sciences Private Limited, with Mr. Marella Srinivasa Reddy acting as the personal guarantor. The bank sanctioned a working capital facility consisting of Cash Credit, Bank Guarantee Facility and Letter of Credit. The corporate debtor defaulted on its repayment obligations, resulting in the loan account being classified as a Non-Performing Asset (NPA) on 2013-01-28. The total repayments of the corporate debtor is Rs. 15,61,37,642.33 /-, including a total interest amount of Rs. 11,03,68,822.33/- calculated until 2022-08-23. The bank issued a demand notice to the personal guarantor, but no payment was made. The bank filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking
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Petitioner Bank issued Sanction letter for Term…
Deed of Guarantee…
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 Mr. Marella Srinivasa Reddy, the personal guarantor of M/s. Maven Life Sciences Private Limited (the Corporate Debtor). The Corporate Debtor had availed credit facilities from the bank, and Mr. Reddy had executed a guarantee deed to secure these facilities. The corporate debtor defaulted on its repayment obligations, leading to the loan account being declared as NPA. Despite demand notices and opportunities to appear before the Tribunal, the personal guarantor failed to comply, leading to the filing of the present application.
The Bank of Maharashtra extended credit facilities to M/s. Maven Life Sciences Private Limited, with Mr. Marella Srinivasa Reddy acting as the personal guarantor. The bank sanctioned a working capital facility consisting of Cash Credit, Bank Guarantee Facility and Letter of Credit. The corporate debtor defaulted on its repayment obligations, resulting in the loan account being classified as a Non-Performing Asset (NPA) on 2013-01-28. The total repayments of the corporate debtor is Rs. 15,61,37,642.33 /-, including a total interest amount of Rs. 11,03,68,822.33/- calculated until 2022-08-23. The bank issued a demand notice to the personal guarantor, but no payment was made. The bank filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking
…Petitioner Bank issued Sanction letter for Term…
Deed of Guarantee…