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 account being classified as NPA. The Financial Creditor issued a demand notice to the personal guarantor, who failed to pay the outstanding amounts. The Corporate Debtor was already under liquidation as per the order of NCLT, Hyderabad. The Financial Creditor had also initiated recovery proceedings under RDDB Act and SARFAESI Act.
Indian Overseas Bank (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Shri. T.G.Prashanth (Personal Guarantor) of M/s. Blossom Oils & Fats Limited (Corporate Debtor). The Corporate Debtor availed credit facilities and defaulted, leading to its account being classified as Non-Performing Asset (NPA) on 31.03.2015. The Corporate Debtor went into liquidation as per the order of NCLT, Hyderabad, dated 10.10.2017. The Financial Creditor issued a demand notice on 25.07.2022 to the Personal Guarantor, who failed to pay the outstanding amount of Rs. 531,84,50,653.00 as on 30.09.2021. The Financial Creditor had also filed Original Applications before the Debt Recovery Tribunal, Hyderabad, which passed a decree and
…Sign in to view the parties.
The account of M/s. Blossom Oils & Fats Limited…
M/s. Blossom Oils & Fats Limited went under…
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 account being classified as NPA. The Financial Creditor issued a demand notice to the personal guarantor, who failed to pay the outstanding amounts. The Corporate Debtor was already under liquidation as per the order of NCLT, Hyderabad. The Financial Creditor had also initiated recovery proceedings under RDDB Act and SARFAESI Act.
Indian Overseas Bank (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Shri. T.G.Prashanth (Personal Guarantor) of M/s. Blossom Oils & Fats Limited (Corporate Debtor). The Corporate Debtor availed credit facilities and defaulted, leading to its account being classified as Non-Performing Asset (NPA) on 31.03.2015. The Corporate Debtor went into liquidation as per the order of NCLT, Hyderabad, dated 10.10.2017. The Financial Creditor issued a demand notice on 25.07.2022 to the Personal Guarantor, who failed to pay the outstanding amount of Rs. 531,84,50,653.00 as on 30.09.2021. The Financial Creditor had also filed Original Applications before the Debt Recovery Tribunal, Hyderabad, which passed a decree and
…The account of M/s. Blossom Oils & Fats Limited…
M/s. Blossom Oils & Fats Limited went under…