The Bank of Maharashtra filed a company petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Sunil Kumar Prabhakaran Menon, the personal guarantor for a loan facility extended to M/s. Narayana Farm Produce Pvt. Ltd. The Corporate Debtor had availed a Term Loan of Rs. 70 crores and a Cash Credit facility of Rs. 5 crores from the Applicant Bank. The bank sanctioned these facilities on 04.10.2010. The Corporate Debtor executed Demand Promissory Notes on 01.11.2010. The Personal Guarantor executed a Deed of Guarantee in favor of the Applicant Bank on 01.11.2010. The Guarantors also created an equitable mortgage on 30.08.2011 to secure the loan facilities.
The Bank of Maharashtra extended loan facilities to M/s. Narayana Farm Produce Pvt. Ltd., with Mr. Sunil Kumar Prabhakaran Menon acting as the personal guarantor. The loan included a Term Loan of Rs. 70 crores and a Cash Credit facility of Rs. 5 crores, sanctioned on 04.10.2010. The Corporate Debtor executed Demand Promissory Notes on 01.11.2010, and the Personal Guarantor executed a Deed of Guarantee on 01.11.2010. The Guarantors created an equitable mortgage on 30.08.2011 to secure the loan. The Corporate Debtor defaulted on the loan, leading the Applicant Bank to issue a notice under Section 13(2) of the Securitization & Reconstruction of Financial Assets and Enforcement of Security Act, 2002, on 20.08.2013, followed by a legal notice on 19.09.2013. A Demand
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The Applicant Bank sanctioned the Term Loan…
The Corporate Debtor executed Demand…
The Bank of Maharashtra filed a company petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Sunil Kumar Prabhakaran Menon, the personal guarantor for a loan facility extended to M/s. Narayana Farm Produce Pvt. Ltd. The Corporate Debtor had availed a Term Loan of Rs. 70 crores and a Cash Credit facility of Rs. 5 crores from the Applicant Bank. The bank sanctioned these facilities on 04.10.2010. The Corporate Debtor executed Demand Promissory Notes on 01.11.2010. The Personal Guarantor executed a Deed of Guarantee in favor of the Applicant Bank on 01.11.2010. The Guarantors also created an equitable mortgage on 30.08.2011 to secure the loan facilities.
The Bank of Maharashtra extended loan facilities to M/s. Narayana Farm Produce Pvt. Ltd., with Mr. Sunil Kumar Prabhakaran Menon acting as the personal guarantor. The loan included a Term Loan of Rs. 70 crores and a Cash Credit facility of Rs. 5 crores, sanctioned on 04.10.2010. The Corporate Debtor executed Demand Promissory Notes on 01.11.2010, and the Personal Guarantor executed a Deed of Guarantee on 01.11.2010. The Guarantors created an equitable mortgage on 30.08.2011 to secure the loan. The Corporate Debtor defaulted on the loan, leading the Applicant Bank to issue a notice under Section 13(2) of the Securitization & Reconstruction of Financial Assets and Enforcement of Security Act, 2002, on 20.08.2013, followed by a legal notice on 19.09.2013. A Demand
…The Applicant Bank sanctioned the Term Loan…
The Corporate Debtor executed Demand…