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, who acted as a personal guarantor for the Corporate Debtor, M/s. Oceanic Tropical Fruits Pvt. Ltd. The application stems from a working capital facility sanctioned by the Applicant along with other consortium banks at the request of the Corporate Debtor and its personal guarantors. The loan account became irregular, leading to its classification as NPA on 20.08.2013. Prior to this application, the consortium banks had filed O.A. No. 344 of 2015 before DRT-2 Chennai, resulting in a final order on 14.03.2019 in favor of the
…Central Bank of India, the Financial Creditor, filed an application to initiate insolvency resolution process against Vimala Joseph Raj, the personal guarantor to the Corporate Debtor, M/s. Oceanic Tropical Fruits Pvt. Ltd. The working capital facility was sanctioned at the request of the Corporate Debtor and its guarantors. The loan account became NPA on 20.08.2013. The consortium banks filed O.A. No. 344 of 2015 before DRT-2 Chennai, securing a final order on 14.03.2019 for Rs. 227,20,59,666.28 plus interest, and a recovery certificate was issued on 24.09.2019. A demand notice was issued to the Respondent on 07.12.2020. The Respondent argued the application was barred by limitation, citing discrepancies in the default date and amounts claimed. The Financial Creditor
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The Respondent, Mrs. Vimala Joseph Raj,…
The loan account of the Corporate Debtor…
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, who acted as a personal guarantor for the Corporate Debtor, M/s. Oceanic Tropical Fruits Pvt. Ltd. The application stems from a working capital facility sanctioned by the Applicant along with other consortium banks at the request of the Corporate Debtor and its personal guarantors. The loan account became irregular, leading to its classification as NPA on 20.08.2013. Prior to this application, the consortium banks had filed O.A. No. 344 of 2015 before DRT-2 Chennai, resulting in a final order on 14.03.2019 in favor of the
…Central Bank of India, the Financial Creditor, filed an application to initiate insolvency resolution process against Vimala Joseph Raj, the personal guarantor to the Corporate Debtor, M/s. Oceanic Tropical Fruits Pvt. Ltd. The working capital facility was sanctioned at the request of the Corporate Debtor and its guarantors. The loan account became NPA on 20.08.2013. The consortium banks filed O.A. No. 344 of 2015 before DRT-2 Chennai, securing a final order on 14.03.2019 for Rs. 227,20,59,666.28 plus interest, and a recovery certificate was issued on 24.09.2019. A demand notice was issued to the Respondent on 07.12.2020. The Respondent argued the application was barred by limitation, citing discrepancies in the default date and amounts claimed. The Financial Creditor
…The Respondent, Mrs. Vimala Joseph Raj,…
The loan account of the Corporate Debtor…