The Bank of Maharastra 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 the Personal Guarantor, Smt. Nukala Savithri, of the Corporate Debtor, SV SVS Projects Private Limited, due to non-payment of Rs. 48,02,97,568.69 as of 27.12.2018, including interest. The Financial Creditor had sanctioned working capital facilities to the Corporate Debtor, which the Corporate Debtor failed to honor. The Personal Guarantor had executed a Deed of Guarantee to secure the financial assistance granted to the
…The Bank of Maharastra sanctioned 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, to SV SVS Projects Private Limited. The Corporate Debtor failed to honor obligations under a Composite Deed of Hypothecation dated 25.03.2014, and the loan amount was declared as NPA on 27.12.2018. The total principal amount of default payable was Rs. 32,30,71,217.76, along with a total interest amount of Rs. 15,72,26,350.93, calculated until 17.05.2022. On 25.03.2014, the Personal Guarantor, Smt. Nukala Savithri, executed a Deed of Guarantee to secure the financial assistance granted to the Corporate Debtor, undertaking to pay the Financial Creditor upon
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Bank of Maharastra sanctioned a working…
Smt. Nukala Savithri executed a Deed of…
The Bank of Maharastra 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 the Personal Guarantor, Smt. Nukala Savithri, of the Corporate Debtor, SV SVS Projects Private Limited, due to non-payment of Rs. 48,02,97,568.69 as of 27.12.2018, including interest. The Financial Creditor had sanctioned working capital facilities to the Corporate Debtor, which the Corporate Debtor failed to honor. The Personal Guarantor had executed a Deed of Guarantee to secure the financial assistance granted to the
…The Bank of Maharastra sanctioned 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, to SV SVS Projects Private Limited. The Corporate Debtor failed to honor obligations under a Composite Deed of Hypothecation dated 25.03.2014, and the loan amount was declared as NPA on 27.12.2018. The total principal amount of default payable was Rs. 32,30,71,217.76, along with a total interest amount of Rs. 15,72,26,350.93, calculated until 17.05.2022. On 25.03.2014, the Personal Guarantor, Smt. Nukala Savithri, executed a Deed of Guarantee to secure the financial assistance granted to the Corporate Debtor, undertaking to pay the Financial Creditor upon
…Bank of Maharastra sanctioned a working…
Smt. Nukala Savithri executed a Deed of…