The case involves an application filed by Indian Overseas Bank, the financial creditor, against Mr. K.S. Chowdry, the personal guarantor to the corporate debtor, M/s. RCM Infrastructure Ltd., under Section 123 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The financial creditor sought to initiate a bankruptcy process against the personal guarantor due to defaults in payments. Prior to this application, the Applicant Bank had initiated proceedings under the SARFEASI Act, 2002, and filed an application before DRT-II Hyderabad against the Borrower and Personal Guarantors, which was allowed on
…Indian Overseas Bank (IOB), the financial creditor, extended credit facilities to M/s. RCM Infrastructure Ltd., the corporate debtor. Mr. K.S. Chowdry stood as a personal guarantor for the credit limits sanctioned to the corporate debtor, as evidenced by a guarantee agreement dated 18.11.2023 and a guarantee deed dated 11.04.2014. Upon default by the corporate debtor, IOB initiated proceedings under the SARFEASI Act, 2002, and filed an application before DRT-II Hyderabad, which was allowed on 09.03.2020. IOB also issued a demand notice on 24.12.2021. Despite the demand notice, the default remained uncured, leading IOB to file an application under Section 95 of the IBC, 2016, seeking initiation of insolvency process against the personal guarantor. An interim moratorium
…Sign in to view the parties.
The DRT allowed the application filed by the…
Applicant bank issued Demand notice in Form B…
The case involves an application filed by Indian Overseas Bank, the financial creditor, against Mr. K.S. Chowdry, the personal guarantor to the corporate debtor, M/s. RCM Infrastructure Ltd., under Section 123 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The financial creditor sought to initiate a bankruptcy process against the personal guarantor due to defaults in payments. Prior to this application, the Applicant Bank had initiated proceedings under the SARFEASI Act, 2002, and filed an application before DRT-II Hyderabad against the Borrower and Personal Guarantors, which was allowed on
…Indian Overseas Bank (IOB), the financial creditor, extended credit facilities to M/s. RCM Infrastructure Ltd., the corporate debtor. Mr. K.S. Chowdry stood as a personal guarantor for the credit limits sanctioned to the corporate debtor, as evidenced by a guarantee agreement dated 18.11.2023 and a guarantee deed dated 11.04.2014. Upon default by the corporate debtor, IOB initiated proceedings under the SARFEASI Act, 2002, and filed an application before DRT-II Hyderabad, which was allowed on 09.03.2020. IOB also issued a demand notice on 24.12.2021. Despite the demand notice, the default remained uncured, leading IOB to file an application under Section 95 of the IBC, 2016, seeking initiation of insolvency process against the personal guarantor. An interim moratorium
…The DRT allowed the application filed by the…
Applicant bank issued Demand notice in Form B…