The case involves a petition filed by Mrs. Bhavna Ravi Matta, the Personal Guarantor to the Corporate Debtor, under Section 94(1) of the Insolvency & Bankruptcy Code, 2016 (IBC), seeking to initiate a bankruptcy process against herself. The Applicant had executed guarantee agreements to secure loans obtained by Asrec (India) Limited (the Financial Creditor) with respect to M/s North American Mercantile India Pvt. Ltd. (the Corporate Debtor) from Abhyudaya Co-operative Bank Ltd. The Applicant's account was declared as Non-performing Assets (NPA) on 09.12.2019, and a demand notice was issued under Section 13(2) dated 25.02.2020, invoking the personal guarantee. Asrec (India) Limited issued a possession notice to the Applicant under Section 13(4) of the SARFAESI Act,
…Mrs. Bhavna Ravi Matta, the Applicant, is the Personal Guarantor to the Corporate Debtor, M/s North American Mercantile India Pvt. Ltd. The Applicant executed guarantee agreements to secure loans obtained by Asrec (India) Limited (the Financial Creditor) from Abhyudaya Co-operative Bank Ltd. A financial debt was incurred on 07.08.2018 with a loan of Rs.9,50,00,000/- at 11.50% p.a. The Applicant provided a Personal Guarantee as a Surety. The credit facilities were further modified on 30.11.2019 at 13% p.a. The account was declared an NPA on 09.12.2019 with an outstanding amount of Rs.9,55,69,330.25/-, and a demand notice was issued on 25.02.2020. The loan was transferred to Asrec (India) Limited, which issued a possession notice on 24.02.2021 under the SARFAESI Act. The
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Financial debt incurred with the sanction of…
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The case involves a petition filed by Mrs. Bhavna Ravi Matta, the Personal Guarantor to the Corporate Debtor, under Section 94(1) of the Insolvency & Bankruptcy Code, 2016 (IBC), seeking to initiate a bankruptcy process against herself. The Applicant had executed guarantee agreements to secure loans obtained by Asrec (India) Limited (the Financial Creditor) with respect to M/s North American Mercantile India Pvt. Ltd. (the Corporate Debtor) from Abhyudaya Co-operative Bank Ltd. The Applicant's account was declared as Non-performing Assets (NPA) on 09.12.2019, and a demand notice was issued under Section 13(2) dated 25.02.2020, invoking the personal guarantee. Asrec (India) Limited issued a possession notice to the Applicant under Section 13(4) of the SARFAESI Act,
…Mrs. Bhavna Ravi Matta, the Applicant, is the Personal Guarantor to the Corporate Debtor, M/s North American Mercantile India Pvt. Ltd. The Applicant executed guarantee agreements to secure loans obtained by Asrec (India) Limited (the Financial Creditor) from Abhyudaya Co-operative Bank Ltd. A financial debt was incurred on 07.08.2018 with a loan of Rs.9,50,00,000/- at 11.50% p.a. The Applicant provided a Personal Guarantee as a Surety. The credit facilities were further modified on 30.11.2019 at 13% p.a. The account was declared an NPA on 09.12.2019 with an outstanding amount of Rs.9,55,69,330.25/-, and a demand notice was issued on 25.02.2020. The loan was transferred to Asrec (India) Limited, which issued a possession notice on 24.02.2021 under the SARFAESI Act. The
…Financial debt incurred with the sanction of…
Credit facilities…