The case involves an application 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 Shri. T.G.S. Narayana, the Personal Guarantor of M/s. Blossom Oils and Fats Limited (Corporate Debtor). The Corporate Debtor allegedly defaulted on payments amounting to Rs. 531,84,50,653.00 as on 30.09.2021, including interest. The Corporate Debtor had availed credit facilities, and Shri. T.G.S. Narayana, along with others, stood as guarantor, executing guarantee agreements
…Indian Overseas Bank (IOB), the Financial Creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Insolvency Resolution Process (IRP) against Shri. T.G.S. Narayana, the Personal Guarantor of M/s. Blossom Oils and Fats Limited (Corporate Debtor). The Corporate Debtor allegedly defaulted on a payment of Rs. 531,84,50,653.00 as of 30.09.2021, including interest. The Corporate Debtor had availed credit facilities such as Cash Credits, Working Capital Term Loan, and Letter of Guarantee. Shri. T.G.S. Narayana, along with others, stood as guarantor and executed guarantee agreements dated 05.10.2013 to secure the repayment of the financial assistance. The Corporate Debtor slipped into Non-Performing Asset (NPA)
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Shri. T.G.S. Narayana and others executed…
The Corporate Debtor's…
The case involves an application 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 Shri. T.G.S. Narayana, the Personal Guarantor of M/s. Blossom Oils and Fats Limited (Corporate Debtor). The Corporate Debtor allegedly defaulted on payments amounting to Rs. 531,84,50,653.00 as on 30.09.2021, including interest. The Corporate Debtor had availed credit facilities, and Shri. T.G.S. Narayana, along with others, stood as guarantor, executing guarantee agreements
…Indian Overseas Bank (IOB), the Financial Creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Insolvency Resolution Process (IRP) against Shri. T.G.S. Narayana, the Personal Guarantor of M/s. Blossom Oils and Fats Limited (Corporate Debtor). The Corporate Debtor allegedly defaulted on a payment of Rs. 531,84,50,653.00 as of 30.09.2021, including interest. The Corporate Debtor had availed credit facilities such as Cash Credits, Working Capital Term Loan, and Letter of Guarantee. Shri. T.G.S. Narayana, along with others, stood as guarantor and executed guarantee agreements dated 05.10.2013 to secure the repayment of the financial assistance. The Corporate Debtor slipped into Non-Performing Asset (NPA)
…Shri. T.G.S. Narayana and others executed…
The Corporate Debtor's…