The Central Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mrs. Sophia James Walter, the Respondent and Personal Guarantor, for initiating the Insolvency Resolution Process. The application pertains to a debt of Rs. 63,82,50,738/- payable by the guarantor, with the date of debt due and default both occurring on 24.09.2019. The debt arose from a working capital facility sanctioned to M/s. Oceanic Tropical Fruits Pvt. Ltd., the Corporate Debtor, for which Mrs. Walter provided a guarantee on 21.03.2012. The loan account became irregular, classified as NPA on 20.08.2013. The consortium banks, including the applicant, had previously filed O.A. No. 344 of 2015 before DRT-2 Chennai, securing a final order on
…Central Bank of India sanctioned a working capital facility to M/s. Oceanic Tropical Fruits Pvt. Ltd., for which Mrs. Sophia James Walter acted as a personal guarantor, executing a deed of guarantee on 21.03.2012. The loan account became irregular, and was classified as NPA on 20.08.2013. The consortium of banks, including Central Bank of India, filed O.A. No. 344 of 2015 before DRT-2 Chennai, resulting in a final order on 14.03.2019, for Rs. 227,20,59,666.28 against the Corporate Debtor and Guarantors. A recovery certificate, DRC No. 382/2019, was issued on 24.09.2019. Central Bank of India issued a Form-B demand notice to Mrs. Walter on 08.12.2020, seeking Rs. 63,82,50,738/-, which remained unpaid. ICICI Bank Ltd, another consortium member, had previously initiated
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Mrs. Sophia James Walter…
The loan account of M/s. Oceanic Tropical…
The Central Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mrs. Sophia James Walter, the Respondent and Personal Guarantor, for initiating the Insolvency Resolution Process. The application pertains to a debt of Rs. 63,82,50,738/- payable by the guarantor, with the date of debt due and default both occurring on 24.09.2019. The debt arose from a working capital facility sanctioned to M/s. Oceanic Tropical Fruits Pvt. Ltd., the Corporate Debtor, for which Mrs. Walter provided a guarantee on 21.03.2012. The loan account became irregular, classified as NPA on 20.08.2013. The consortium banks, including the applicant, had previously filed O.A. No. 344 of 2015 before DRT-2 Chennai, securing a final order on
…Central Bank of India sanctioned a working capital facility to M/s. Oceanic Tropical Fruits Pvt. Ltd., for which Mrs. Sophia James Walter acted as a personal guarantor, executing a deed of guarantee on 21.03.2012. The loan account became irregular, and was classified as NPA on 20.08.2013. The consortium of banks, including Central Bank of India, filed O.A. No. 344 of 2015 before DRT-2 Chennai, resulting in a final order on 14.03.2019, for Rs. 227,20,59,666.28 against the Corporate Debtor and Guarantors. A recovery certificate, DRC No. 382/2019, was issued on 24.09.2019. Central Bank of India issued a Form-B demand notice to Mrs. Walter on 08.12.2020, seeking Rs. 63,82,50,738/-, which remained unpaid. ICICI Bank Ltd, another consortium member, had previously initiated
…Mrs. Sophia James Walter…
The loan account of M/s. Oceanic Tropical…