The Financial Creditor, Bank of Maharashtra, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 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, seeking initiation of the Insolvency Resolution Process against NNBV Venkateshwara Rao, the Personal Guarantor of M/s. SVSVS Projects Private Limited (Corporate Debtor). The Petitioner Bank had sanctioned working capital facilities to the Corporate Debtor, which the Corporate Debtor failed to honor. The loan account of the Corporate Debtor was declared NPA on 27.12.2018. The Personal Guarantor had executed a Deed of Guarantee on 25.03.2014 to secure the financial
…The Bank of Maharashtra sanctioned working capital facilities to M/s. SVSVS Projects Private Limited, the Corporate Debtor. These facilities included a Cash Credit facility of Rs.2.50 crores and bank guarantee facilities aggregating to Rs.48 crores. The Corporate Debtor failed to meet its repayment obligations, resulting in a total repayment default of Rs.48,02,97,568.69 as of 17.05.2022. The loan account was declared NPA on 27.12.2018. NNBV Venkateshwara Rao, the Personal Guarantor, executed a Deed of Guarantee on 25.03.2014 to secure the financial assistance provided to the Corporate Debtor. The bank issued a Form B demand notice dated 31.07.2021 to the personal guarantor for the outstanding amount, but the guarantor failed to pay. The bank attached sanction letters
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Date of the Sanction…
Respondent No.1…
The Financial Creditor, Bank of Maharashtra, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 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, seeking initiation of the Insolvency Resolution Process against NNBV Venkateshwara Rao, the Personal Guarantor of M/s. SVSVS Projects Private Limited (Corporate Debtor). The Petitioner Bank had sanctioned working capital facilities to the Corporate Debtor, which the Corporate Debtor failed to honor. The loan account of the Corporate Debtor was declared NPA on 27.12.2018. The Personal Guarantor had executed a Deed of Guarantee on 25.03.2014 to secure the financial
…The Bank of Maharashtra sanctioned working capital facilities to M/s. SVSVS Projects Private Limited, the Corporate Debtor. These facilities included a Cash Credit facility of Rs.2.50 crores and bank guarantee facilities aggregating to Rs.48 crores. The Corporate Debtor failed to meet its repayment obligations, resulting in a total repayment default of Rs.48,02,97,568.69 as of 17.05.2022. The loan account was declared NPA on 27.12.2018. NNBV Venkateshwara Rao, the Personal Guarantor, executed a Deed of Guarantee on 25.03.2014 to secure the financial assistance provided to the Corporate Debtor. The bank issued a Form B demand notice dated 31.07.2021 to the personal guarantor for the outstanding amount, but the guarantor failed to pay. The bank attached sanction letters
…Date of the Sanction…
Respondent No.1…