Bank of Maharashtra filed an application to initiate Insolvency Resolution Process against Mrs. Pushpa Gupta, the Personal Guarantor, under Section 95 of the Insolvency and Bankruptcy Code, 2016. The application pertains to loans availed by M/s Maa Santoshi Marbles Pvt. Ltd. ('Corporate Debtor'), for which Mrs. Pushpa Gupta stood as a guarantor. The Corporate Debtor defaulted on repayments, leading to the invocation of the personal guarantee. The bank had sanctioned credit facilities to M/s Pushpa Minerals, later taken over by the Corporate Debtor. The facilities were secured by stocks, receivables, and equitable mortgage properties. The Corporate Debtor's account was declared NPA on 24.09.2015, and demand notices were issued. The bank then filed an Original
…The Bank of Maharashtra ('Applicant') sought to initiate Insolvency Resolution Process against Mrs. Pushpa Gupta ('Respondent'), who acted as a Personal Guarantor for loans availed by M/s Maa Santoshi Marbles Pvt. Ltd. ('Corporate Debtor'). In 2013, M/s Pushpa Minerals, a proprietary firm of Mrs. Pushpa Gupta, approached the Applicant Bank for credit facilities. The Applicant sanctioned a credit facility of Rs. 4.75 crores on 11.03.2013, which was later reviewed and extended. The Applicant Bank also extended non-funded limit for 3 Bank Guarantees of Rs. 1 Crore each. M/s Pushpa Minerals was taken over by the Corporate Debtor, and the full credit facility of Rs. 7.75 Crores was transferred to the Corporate Debtor on 24.12.2014. The credit facilities were secured by
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Bank of Maharashtra filed an application to initiate Insolvency Resolution Process against Mrs. Pushpa Gupta, the Personal Guarantor, under Section 95 of the Insolvency and Bankruptcy Code, 2016. The application pertains to loans availed by M/s Maa Santoshi Marbles Pvt. Ltd. ('Corporate Debtor'), for which Mrs. Pushpa Gupta stood as a guarantor. The Corporate Debtor defaulted on repayments, leading to the invocation of the personal guarantee. The bank had sanctioned credit facilities to M/s Pushpa Minerals, later taken over by the Corporate Debtor. The facilities were secured by stocks, receivables, and equitable mortgage properties. The Corporate Debtor's account was declared NPA on 24.09.2015, and demand notices were issued. The bank then filed an Original
…The Bank of Maharashtra ('Applicant') sought to initiate Insolvency Resolution Process against Mrs. Pushpa Gupta ('Respondent'), who acted as a Personal Guarantor for loans availed by M/s Maa Santoshi Marbles Pvt. Ltd. ('Corporate Debtor'). In 2013, M/s Pushpa Minerals, a proprietary firm of Mrs. Pushpa Gupta, approached the Applicant Bank for credit facilities. The Applicant sanctioned a credit facility of Rs. 4.75 crores on 11.03.2013, which was later reviewed and extended. The Applicant Bank also extended non-funded limit for 3 Bank Guarantees of Rs. 1 Crore each. M/s Pushpa Minerals was taken over by the Corporate Debtor, and the full credit facility of Rs. 7.75 Crores was transferred to the Corporate Debtor on 24.12.2014. The credit facilities were secured by
…Applicant sanctioned a…
The aforementioned facility was further…