The application was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Mr. Jaganathan Rangasamy, the Applicant and Personal Guarantor. The application seeks to initiate the Insolvency Resolution Process for Mr. Jaganathan Rangasamy, who is the personal guarantor for M/s. Venkatesa Agency Private Limited, the Corporate Debtor. M/s. Venkatesa Agency Private Limited had taken credit facilities from Canara Bank, Pollachi Branch. The Corporate Debtor failed to repay the debt, leading to the filing of this application.
Mr. Jaganathan Rangasamy, the Applicant, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process as a Personal Guarantor. He is the personal guarantor for M/s. Venkatesa Agency Private Limited, the Corporate Debtor. M/s. Venkatesa Agency Private Limited had taken credit facilities from Canara Bank, Pollachi Branch. The Corporate Debtor defaulted on the loan, leading to the application by the Personal Guarantor. The amount of debt including interest is Rs.2,57,88,096/-, and the date of default occurred on 04.06.2021. Canara Bank issued a demand notice dated 04.06.2021 under Section 13(2) of the SARFAESI Act, 2002. The Applicant has proposed Mr. Madhu Desikan as the Resolution
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Canara Bank issued a Demand Notice dated…
The application was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Mr. Jaganathan Rangasamy, the Applicant and Personal Guarantor. The application seeks to initiate the Insolvency Resolution Process for Mr. Jaganathan Rangasamy, who is the personal guarantor for M/s. Venkatesa Agency Private Limited, the Corporate Debtor. M/s. Venkatesa Agency Private Limited had taken credit facilities from Canara Bank, Pollachi Branch. The Corporate Debtor failed to repay the debt, leading to the filing of this application.
Mr. Jaganathan Rangasamy, the Applicant, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process as a Personal Guarantor. He is the personal guarantor for M/s. Venkatesa Agency Private Limited, the Corporate Debtor. M/s. Venkatesa Agency Private Limited had taken credit facilities from Canara Bank, Pollachi Branch. The Corporate Debtor defaulted on the loan, leading to the application by the Personal Guarantor. The amount of debt including interest is Rs.2,57,88,096/-, and the date of default occurred on 04.06.2021. Canara Bank issued a demand notice dated 04.06.2021 under Section 13(2) of the SARFAESI Act, 2002. The Applicant has proposed Mr. Madhu Desikan as the Resolution
…The date on which the…
Canara Bank issued a Demand Notice dated…