Central Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Insolvency Resolution Process against Mr. P.K. Iyer, the personal guarantor of Deccan Chronicle Holdings Limited (Corporate Debtor). The Corporate Debtor had availed credit facilities from the bank since 2011, including a working capital demand loan of Rs. 50 crores. Mr. Iyer, along with others, executed a deed of guarantee in 2011 guaranteeing the repayment of these facilities. The bank classified the Corporate Debtor's account as a Non-Performing Asset (NPA) in 2012 and initiated recovery proceedings under the SARFAESI Act, obtaining a recovery certificate from the Debt Recovery Tribunal (DRT). The bank issued demand notices to Mr. Iyer
…Central Bank of India (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution Process against Mr. P.K. Iyer (Personal Guarantor) of Deccan Chronicle Holdings Limited (Corporate Debtor). The Corporate Debtor availed credit facilities from the bank since 2011, including a working capital demand loan of Rs. 50 crores. Mr. Iyer executed a deed of guarantee in 2011 guaranteeing the repayment of these facilities. The bank classified the Corporate Debtor's account as a Non-Performing Asset (NPA) on 28.11.2012. The bank initiated recovery proceedings under the SARFAESI Act, 2002, vide OA No.505 of 2017 before the Debt Recovery Tribunal (DRT), Hyderabad, for recovery of the total dues
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Deccan Chronicle Holdings Limited availed…
Mr. P.K. Iyer, along with others, executed a…
Central Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Insolvency Resolution Process against Mr. P.K. Iyer, the personal guarantor of Deccan Chronicle Holdings Limited (Corporate Debtor). The Corporate Debtor had availed credit facilities from the bank since 2011, including a working capital demand loan of Rs. 50 crores. Mr. Iyer, along with others, executed a deed of guarantee in 2011 guaranteeing the repayment of these facilities. The bank classified the Corporate Debtor's account as a Non-Performing Asset (NPA) in 2012 and initiated recovery proceedings under the SARFAESI Act, obtaining a recovery certificate from the Debt Recovery Tribunal (DRT). The bank issued demand notices to Mr. Iyer
…Central Bank of India (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution Process against Mr. P.K. Iyer (Personal Guarantor) of Deccan Chronicle Holdings Limited (Corporate Debtor). The Corporate Debtor availed credit facilities from the bank since 2011, including a working capital demand loan of Rs. 50 crores. Mr. Iyer executed a deed of guarantee in 2011 guaranteeing the repayment of these facilities. The bank classified the Corporate Debtor's account as a Non-Performing Asset (NPA) on 28.11.2012. The bank initiated recovery proceedings under the SARFAESI Act, 2002, vide OA No.505 of 2017 before the Debt Recovery Tribunal (DRT), Hyderabad, for recovery of the total dues
…Deccan Chronicle Holdings Limited availed…
Mr. P.K. Iyer, along with others, executed a…