Dhanalaxmi Bank Ltd filed applications under Section 95 of the Insolvency and Bankruptcy Code, 2016, against personal guarantors of Trivandrum International Health Services Ltd, the Corporate Debtor. The bank had sanctioned credit facilities to the Corporate Debtor, and the directors, including Dr. Ashalatha Nair, Dr. Bharath Chandran, and Shri. P.A. Ahammed, provided personal guarantees. The Corporate Debtor defaulted on repayments, leading to the account being classified as NPA. The bank issued demand notices and initiated SARFAESI proceedings. Despite attempts to restructure the loan, the default continued, prompting the bank to initiate CIRP against the Corporate Debtor and subsequently file applications against the personal guarantors.
Dhanalaxmi Bank Ltd sanctioned credit facilities (Cash Credit of Rs. 1 Crore and Term Loan of Rs. 15 Crore) to Trivandrum International Health Services Ltd (Corporate Debtor) vide sanction letter dated 2015-03-30. The Corporate Debtor executed Master Credit Agreement and other loan documents. Dr. Ashalatha Nair, Dr. Bharath Chandran, and Shri. P.A. Ahammed, directors of the Corporate Debtor, provided personal guarantees. The Corporate Debtor's account became NPA on 2016-05-30 due to failure in repayment. The bank issued demand notices on 2016-06-29 and under Section 13(2) of SARFAESI Act on 2016-07-22, demanding Rs. 8,64,71,256/-. A meeting was convened to restructure the loan, but the Corporate Debtor continued to default. The bank filed OA No. 156/2018 before the DRT
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Dhanalaxmi Bank sanctioned Cash Credit…
The Corporate Debtor's account became…
Dhanalaxmi Bank Ltd filed applications under Section 95 of the Insolvency and Bankruptcy Code, 2016, against personal guarantors of Trivandrum International Health Services Ltd, the Corporate Debtor. The bank had sanctioned credit facilities to the Corporate Debtor, and the directors, including Dr. Ashalatha Nair, Dr. Bharath Chandran, and Shri. P.A. Ahammed, provided personal guarantees. The Corporate Debtor defaulted on repayments, leading to the account being classified as NPA. The bank issued demand notices and initiated SARFAESI proceedings. Despite attempts to restructure the loan, the default continued, prompting the bank to initiate CIRP against the Corporate Debtor and subsequently file applications against the personal guarantors.
Dhanalaxmi Bank Ltd sanctioned credit facilities (Cash Credit of Rs. 1 Crore and Term Loan of Rs. 15 Crore) to Trivandrum International Health Services Ltd (Corporate Debtor) vide sanction letter dated 2015-03-30. The Corporate Debtor executed Master Credit Agreement and other loan documents. Dr. Ashalatha Nair, Dr. Bharath Chandran, and Shri. P.A. Ahammed, directors of the Corporate Debtor, provided personal guarantees. The Corporate Debtor's account became NPA on 2016-05-30 due to failure in repayment. The bank issued demand notices on 2016-06-29 and under Section 13(2) of SARFAESI Act on 2016-07-22, demanding Rs. 8,64,71,256/-. A meeting was convened to restructure the loan, but the Corporate Debtor continued to default. The bank filed OA No. 156/2018 before the DRT
…Dhanalaxmi Bank sanctioned Cash Credit…
The Corporate Debtor's account became…