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 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, the Financial Creditor, sanctioned working capital facilities to M/s. SVSVS Projects Private Limited, the Corporate Debtor, consisting of a Cash Credit facility with a limit of Rs.2.50 crores and bank guarantee facilities aggregating to Rs.48 crores. The total repayments of the corporate debtor amounted to Rs.48,02,97,568.69/- as on 17.05.2022. The Corporate Debtor failed to honor its obligations under the Composite Deed of Hypothecation dated 25.03.2014. The loan account of the Corporate Debtor was declared NPA on 27.12.2018. Shri NNBV Venkateshwara Rao, the Personal Guarantor, executed a Deed of Guarantee on 25.03.2014 to secure the financial assistance granted to the Corporate Debtor. The Financial Creditor issued a Form B demand notice
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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 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, the Financial Creditor, sanctioned working capital facilities to M/s. SVSVS Projects Private Limited, the Corporate Debtor, consisting of a Cash Credit facility with a limit of Rs.2.50 crores and bank guarantee facilities aggregating to Rs.48 crores. The total repayments of the corporate debtor amounted to Rs.48,02,97,568.69/- as on 17.05.2022. The Corporate Debtor failed to honor its obligations under the Composite Deed of Hypothecation dated 25.03.2014. The loan account of the Corporate Debtor was declared NPA on 27.12.2018. Shri NNBV Venkateshwara Rao, the Personal Guarantor, executed a Deed of Guarantee on 25.03.2014 to secure the financial assistance granted to the Corporate Debtor. The Financial Creditor issued a Form B demand notice
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Respondent No.1…