The case pertains to an application 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. Ms. Meenakshi Sivaraman, the applicant and personal guarantor for M/s. Mados Infra Projects Private Limited, initiated the Insolvency Resolution Process. M/s. Mados Infra Projects Private Limited had taken credit facilities from Bank of Baroda/Financial Creditor, with Ms. Sivaraman providing a personal guarantee. The corporate debtor defaulted on the loan repayment, leading to the present application.
Ms. Meenakshi Sivaraman, acting as a personal guarantor for M/s. Mados Infra Projects Private Limited, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. M/s. Mados Infra Projects Private Limited had obtained credit facilities from Bank of Baroda/Financial Creditor, with Ms. Sivaraman providing a personal guarantee for the loan. The corporate debtor, M/s. Mados Infra Projects Private Limited, defaulted on the loan repayment. The outstanding debt is Rs.27,98,12,410/-, and the amount of default is Rs.18,23,86,907.20/-, with the date of default being 2023-05-29. The applicant provided a copy of the Demand Notice dated 2023-07-04 issued by Bank of Baroda under Section 13(2) of the
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M/s. Mados Infra…
Bank of Baroda issued a…
The case pertains to an application 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. Ms. Meenakshi Sivaraman, the applicant and personal guarantor for M/s. Mados Infra Projects Private Limited, initiated the Insolvency Resolution Process. M/s. Mados Infra Projects Private Limited had taken credit facilities from Bank of Baroda/Financial Creditor, with Ms. Sivaraman providing a personal guarantee. The corporate debtor defaulted on the loan repayment, leading to the present application.
Ms. Meenakshi Sivaraman, acting as a personal guarantor for M/s. Mados Infra Projects Private Limited, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. M/s. Mados Infra Projects Private Limited had obtained credit facilities from Bank of Baroda/Financial Creditor, with Ms. Sivaraman providing a personal guarantee for the loan. The corporate debtor, M/s. Mados Infra Projects Private Limited, defaulted on the loan repayment. The outstanding debt is Rs.27,98,12,410/-, and the amount of default is Rs.18,23,86,907.20/-, with the date of default being 2023-05-29. The applicant provided a copy of the Demand Notice dated 2023-07-04 issued by Bank of Baroda under Section 13(2) of the
…M/s. Mados Infra…
Bank of Baroda issued a…