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, to initiate the Insolvency Resolution Process. The application pertains to the personal guarantee given by Mr. Rangasamy to M/s. Venkatesa Agency Private Limited, the corporate debtor. The corporate debtor failed to repay the debt, leading to the filing of this application.
Mr. Jaganathan Rangasamy, acting as a personal guarantor for M/s. Venkatesa Agency Private Limited (the 'Corporate Debtor'), filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. M/s. Venkatesa Agency Private Limited had taken credit facilities from Canara Bank, Pollachi Branch. Mr. Rangasamy had given a personal guarantee for the said loan. The Corporate Debtor failed to repay the debt, leading to the filing of the application. The debt including interest amounted to Rs.2,57,88,096/-, and the date of default occurred on 04.06.2021. A demand notice dated 04.06.2021 was issued by Canara Bank under Section 13(2) of the SARFAESI Act, 2002.
Sign in to view the parties.
The date on which the…
Canara Bank issued a…
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, to initiate the Insolvency Resolution Process. The application pertains to the personal guarantee given by Mr. Rangasamy to M/s. Venkatesa Agency Private Limited, the corporate debtor. The corporate debtor failed to repay the debt, leading to the filing of this application.
Mr. Jaganathan Rangasamy, acting as a personal guarantor for M/s. Venkatesa Agency Private Limited (the 'Corporate Debtor'), filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. M/s. Venkatesa Agency Private Limited had taken credit facilities from Canara Bank, Pollachi Branch. Mr. Rangasamy had given a personal guarantee for the said loan. The Corporate Debtor failed to repay the debt, leading to the filing of the application. The debt including interest amounted to Rs.2,57,88,096/-, and the date of default occurred on 04.06.2021. A demand notice dated 04.06.2021 was issued by Canara Bank under Section 13(2) of the SARFAESI Act, 2002.
The date on which the…
Canara Bank issued a…