The Central Bank of India, acting as the Financial Creditor, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mrs. Vimala Joseph Raj, the Respondent and Personal Guarantor, due to outstanding debt. The application stems from a working capital facility sanctioned to the Corporate Debtor, M/s. Oceanic Tropical Fruits Pvt. Ltd., for which Mrs. Raj acted as a guarantor. The loan account became irregular, leading to its classification as a Non-Performing Asset (NPA) on 20.08.2013. Prior to this application, the consortium of banks, including the applicant, had filed O.A. No. 344 of 2015 before DRT-2 Chennai for recovery of the outstanding dues against the Corporate Debtor and
…Central Bank of India, the Financial Creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mrs. Vimala Joseph Raj, the Respondent, who is a Personal Guarantor to the Corporate Debtor, M/s. Oceanic Tropical Fruits Pvt. Ltd. The working capital facility was sanctioned to the Corporate Debtor at the request of the Corporate Debtor and the Personal Guarantors. Mrs. Vimala Joseph Raj executed a deed of guarantee on 21.03.2012, guaranteeing the repayment of the working capital facilities. The loan account became irregular, and the account was classified as NPA on 20.08.2013. The consortium of banks filed O.A. No. 344 of 2015 before DRT-2 Chennai for recovery of the outstanding dues.
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Mrs. Vimala Joseph Raj executed the deed of…
The loan account became…
The Central Bank of India, acting as the Financial Creditor, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mrs. Vimala Joseph Raj, the Respondent and Personal Guarantor, due to outstanding debt. The application stems from a working capital facility sanctioned to the Corporate Debtor, M/s. Oceanic Tropical Fruits Pvt. Ltd., for which Mrs. Raj acted as a guarantor. The loan account became irregular, leading to its classification as a Non-Performing Asset (NPA) on 20.08.2013. Prior to this application, the consortium of banks, including the applicant, had filed O.A. No. 344 of 2015 before DRT-2 Chennai for recovery of the outstanding dues against the Corporate Debtor and
…Central Bank of India, the Financial Creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mrs. Vimala Joseph Raj, the Respondent, who is a Personal Guarantor to the Corporate Debtor, M/s. Oceanic Tropical Fruits Pvt. Ltd. The working capital facility was sanctioned to the Corporate Debtor at the request of the Corporate Debtor and the Personal Guarantors. Mrs. Vimala Joseph Raj executed a deed of guarantee on 21.03.2012, guaranteeing the repayment of the working capital facilities. The loan account became irregular, and the account was classified as NPA on 20.08.2013. The consortium of banks filed O.A. No. 344 of 2015 before DRT-2 Chennai for recovery of the outstanding dues.
…Mrs. Vimala Joseph Raj executed the deed of…
The loan account became…