The Indian Overseas Bank filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against Shri. T.G.Prashanth, the personal guarantor of M/s. Blossom Oils & Fats Limited (Corporate Debtor). The corporate debtor had availed credit facilities and defaulted on payments, leading to the financial creditor initiating recovery proceedings. The corporate debtor underwent liquidation as per order dated 10.10.2017. The financial creditor issued a demand notice to the personal guarantor on 25.07.2022, but the guarantor failed to pay the outstanding amount of Rs.531,84,50,653.00/- as on 30.09.2021.
Indian Overseas Bank (IOB) extended credit facilities to M/s. Blossom Oils & Fats Limited, which later defaulted on its repayment obligations. Shri. T.G.Prashanth acted as the personal guarantor for the corporate debtor. The corporate debtor's account was classified as a Non-Performing Asset (NPA) on 31.03.2015, and liquidation proceedings were initiated against it on 10.10.2017. Despite the financial creditor obtaining decrees and recovery certificates from the Debt Recovery Tribunal (DRT), the outstanding debt remained unpaid. The financial creditor issued a demand notice on 25.07.2022 to the personal guarantor, seeking payment of Rs.531,84,50,653.00/- as on 30.09.2021, including interest. The guarantor failed to comply, leading IOB to file a petition under
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The account of M/s. Blossom Oils & Fats Limited…
The Hon'ble NCLT,…
The Indian Overseas Bank filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against Shri. T.G.Prashanth, the personal guarantor of M/s. Blossom Oils & Fats Limited (Corporate Debtor). The corporate debtor had availed credit facilities and defaulted on payments, leading to the financial creditor initiating recovery proceedings. The corporate debtor underwent liquidation as per order dated 10.10.2017. The financial creditor issued a demand notice to the personal guarantor on 25.07.2022, but the guarantor failed to pay the outstanding amount of Rs.531,84,50,653.00/- as on 30.09.2021.
Indian Overseas Bank (IOB) extended credit facilities to M/s. Blossom Oils & Fats Limited, which later defaulted on its repayment obligations. Shri. T.G.Prashanth acted as the personal guarantor for the corporate debtor. The corporate debtor's account was classified as a Non-Performing Asset (NPA) on 31.03.2015, and liquidation proceedings were initiated against it on 10.10.2017. Despite the financial creditor obtaining decrees and recovery certificates from the Debt Recovery Tribunal (DRT), the outstanding debt remained unpaid. The financial creditor issued a demand notice on 25.07.2022 to the personal guarantor, seeking payment of Rs.531,84,50,653.00/- as on 30.09.2021, including interest. The guarantor failed to comply, leading IOB to file a petition under
…The account of M/s. Blossom Oils & Fats Limited…
The Hon'ble NCLT,…