The Bank of Maharashtra filed a Company 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 Debtors) Rules, 2019, seeking initiation of the Insolvency Resolution Process against Shri. V V Raghupathi Rao, the Personal Guarantor of SVSVS Projects Private Limited. The bank's petition was based on a Deed of Guarantee executed by the Personal Guarantor to secure financial assistance granted to the Corporate Debtor. The Corporate Debtor had defaulted, leading to CIRP proceedings against them. The Personal Guarantor had also submitted a Resolution Plan and an OTS proposal, which the bank deemed
…The Bank of Maharashtra filed a petition against Shri. V V Raghupathi Rao, the personal guarantor of SVSVS Projects Private Limited, under Section 95 of the Insolvency and Bankruptcy Code, 2016. The petition was based on a Deed of Guarantee executed by the Personal Guarantor to secure financial assistance granted to the Corporate Debtor. The Corporate Debtor defaulted, leading to CIRP proceedings initiated on 26.04.2021. The outstanding debt as of 27.12.2018 was Rs. 48,02,97,568.69. The Personal Guarantor claimed the guarantee was revoked due to revised credit facilities and non-execution of fresh guarantee deeds after 09.04.2016. However, the bank presented a revival letter dated 15.03.2017, where the Personal Guarantor acknowledged and extended the Deed Guarantee.
…Sign in to view the parties.
Personal Guarantor executed a Deed of…
Sanction letter…
The Bank of Maharashtra filed a Company 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 Debtors) Rules, 2019, seeking initiation of the Insolvency Resolution Process against Shri. V V Raghupathi Rao, the Personal Guarantor of SVSVS Projects Private Limited. The bank's petition was based on a Deed of Guarantee executed by the Personal Guarantor to secure financial assistance granted to the Corporate Debtor. The Corporate Debtor had defaulted, leading to CIRP proceedings against them. The Personal Guarantor had also submitted a Resolution Plan and an OTS proposal, which the bank deemed
…The Bank of Maharashtra filed a petition against Shri. V V Raghupathi Rao, the personal guarantor of SVSVS Projects Private Limited, under Section 95 of the Insolvency and Bankruptcy Code, 2016. The petition was based on a Deed of Guarantee executed by the Personal Guarantor to secure financial assistance granted to the Corporate Debtor. The Corporate Debtor defaulted, leading to CIRP proceedings initiated on 26.04.2021. The outstanding debt as of 27.12.2018 was Rs. 48,02,97,568.69. The Personal Guarantor claimed the guarantee was revoked due to revised credit facilities and non-execution of fresh guarantee deeds after 09.04.2016. However, the bank presented a revival letter dated 15.03.2017, where the Personal Guarantor acknowledged and extended the Deed Guarantee.
…Personal Guarantor executed a Deed of…
Sanction letter…