The case involves a petition filed by Indian Overseas Bank, the Financial Creditor, under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking initiation of the Insolvency Resolution Process against T.G.Saroja, the Personal Guarantor of M/s. Blossom Oils & Fats Limited (Corporate Debtor). The Financial Creditor alleges non-payment of Rs. 531,84,50,653.00 as on 30.09.2021, including interest, which is said to be due and payable by the personal guarantor. The Corporate Debtor had availed credit facilities and defaulted, leading to the account being classified as NPA on
…Indian Overseas Bank (IOB), the Financial Creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Smt. T.G.Saroja, the Personal Guarantor of M/s. Blossom Oils & Fats Limited (Corporate Debtor). The Corporate Debtor availed credit facilities from IOB and defaulted on repayments, leading to an outstanding debt of Rs. 531,84,50,653.00 as of 30.09.2021, including interest. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 31.03.2015, and liquidation proceedings were initiated by the NCLT, Hyderabad, on 10.10.2017. The Financial Creditor also pursued recovery through the Debt Recovery Tribunal (DRT), Hyderabad, and under the SARFAESI Act. The Personal Guarantor, T.G.Saroja, along with others,
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Shri R. Jaganmohan Rai, Smt. T.G.Saroja, Shri.…
The corporate debtor…
The case involves a petition filed by Indian Overseas Bank, the Financial Creditor, under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking initiation of the Insolvency Resolution Process against T.G.Saroja, the Personal Guarantor of M/s. Blossom Oils & Fats Limited (Corporate Debtor). The Financial Creditor alleges non-payment of Rs. 531,84,50,653.00 as on 30.09.2021, including interest, which is said to be due and payable by the personal guarantor. The Corporate Debtor had availed credit facilities and defaulted, leading to the account being classified as NPA on
…Indian Overseas Bank (IOB), the Financial Creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Smt. T.G.Saroja, the Personal Guarantor of M/s. Blossom Oils & Fats Limited (Corporate Debtor). The Corporate Debtor availed credit facilities from IOB and defaulted on repayments, leading to an outstanding debt of Rs. 531,84,50,653.00 as of 30.09.2021, including interest. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 31.03.2015, and liquidation proceedings were initiated by the NCLT, Hyderabad, on 10.10.2017. The Financial Creditor also pursued recovery through the Debt Recovery Tribunal (DRT), Hyderabad, and under the SARFAESI Act. The Personal Guarantor, T.G.Saroja, along with others,
…Shri R. Jaganmohan Rai, Smt. T.G.Saroja, Shri.…
The corporate debtor…