Indian Bank, the Financial Creditor, filed an application CP(IB)/63(CHE)/2024 under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. K Shanmugham, the personal guarantor of M/s Yashica Electronics Pvt. Ltd., the Corporate Debtor. The Corporate Debtor defaulted in repayment, and its account was classified as NPA on 29.03.2019. The date of default is 29.03.2019, with a default amount of INR 1,29,14,561/-. The Financial Creditor had granted various credit facilities to the Corporate Debtor, including an open cash credit limit of Rs.140 lakhs, a working capital term loan limit of Rs.35.74 lakhs, and a funded interest term loan of Rs.10.96 lakhs, vide sanction letter dated 28.03.2019. The guarantor entered into an agreement of guarantee with Indian Bank

Indian Bank, the Financial Creditor, filed an application CP(IB)/63(CHE)/2024 under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. K Shanmugham, the personal guarantor of M/s Yashica Electronics Pvt. Ltd., the Corporate Debtor. The Corporate Debtor defaulted in repayment, and its account was classified as NPA on 29.03.2019. The date of default is 29.03.2019, with a default amount of INR 1,29,14,561/-. The Financial Creditor had granted various credit facilities to the Corporate Debtor, including an open cash credit limit of Rs.140 lakhs, a working capital term loan limit of Rs.35.74 lakhs, and a funded interest term loan of Rs.10.96 lakhs, vide sanction letter dated 28.03.2019. The guarantor entered into an agreement of guarantee with Indian Bank