The case pertains to an application filed by Central Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) against Mr. James Walter, a personal guarantor to the corporate debtor, M/s. Oceanic Edibles International Ltd. The application seeks initiation of insolvency resolution process against the personal guarantor. The corporate debtor had availed a working capital facility from a consortium of banks, including the applicant. The loan account became irregular and was classified as NPA on 10.09.2013. The consortium banks filed O.A. No. 335 of 2015 before DRT-2 Chennai for recovery of outstanding dues against the corporate debtor and the guarantors. The DRT passed a final order on 21.02.2019 in favor of the consortium banks. A recovery
…Central Bank of India, representing a consortium of banks, extended a working capital facility to M/s. Oceanic Edibles International Ltd., the corporate debtor. Mr. James Walter acted as a personal guarantor for the loan. The loan account became irregular, leading to its classification as a Non-Performing Asset (NPA) on 10.09.2013. The consortium banks initiated recovery proceedings before the Debt Recovery Tribunal (DRT-2 Chennai) through O.A. No. 335 of 2015 against both the corporate debtor and the guarantors. The DRT issued a final order on 21.02.2019, favoring the banks for Rs. 103,04,18,350.73 plus interest. A recovery certificate was issued on 27.06.2019. A demand notice was issued to Mr. Walter on 08.12.2020, seeking payment of Rs. 153.83 Crores. ICICI Bank,
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The loan account of the…
The consortium banks filed O.A. No. 335 of…
The case pertains to an application filed by Central Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) against Mr. James Walter, a personal guarantor to the corporate debtor, M/s. Oceanic Edibles International Ltd. The application seeks initiation of insolvency resolution process against the personal guarantor. The corporate debtor had availed a working capital facility from a consortium of banks, including the applicant. The loan account became irregular and was classified as NPA on 10.09.2013. The consortium banks filed O.A. No. 335 of 2015 before DRT-2 Chennai for recovery of outstanding dues against the corporate debtor and the guarantors. The DRT passed a final order on 21.02.2019 in favor of the consortium banks. A recovery
…Central Bank of India, representing a consortium of banks, extended a working capital facility to M/s. Oceanic Edibles International Ltd., the corporate debtor. Mr. James Walter acted as a personal guarantor for the loan. The loan account became irregular, leading to its classification as a Non-Performing Asset (NPA) on 10.09.2013. The consortium banks initiated recovery proceedings before the Debt Recovery Tribunal (DRT-2 Chennai) through O.A. No. 335 of 2015 against both the corporate debtor and the guarantors. The DRT issued a final order on 21.02.2019, favoring the banks for Rs. 103,04,18,350.73 plus interest. A recovery certificate was issued on 27.06.2019. A demand notice was issued to Mr. Walter on 08.12.2020, seeking payment of Rs. 153.83 Crores. ICICI Bank,
…The loan account of the…
The consortium banks filed O.A. No. 335 of…