The case involves an application filed under Section 94(1) of the Insolvency and Bankruptcy Code (IBC), 2016, by Mrs. P. Rajamani, a personal guarantor to M/s. KMP Spinners Private Limited (Corporate Debtor), to initiate the Insolvency Resolution Process. The applicant has given particulars of debt pertaining to the 1st Respondent (Indian Overseas Bank) as Rs. 24,31,81,344/- and to the 2nd Respondent (Aditya Birla Finance Ltd) as Rs. 6,94,34,457/-, with default dates of 30.06.2019 and 28.08.2019 respectively. The guarantees were invoked by the respondents under Section 13(2) of the SARFAESI Act, 2002. The application was presented, and Mr. Madhu Desikan was appointed as the Interim Resolution Professional (IRP).
Mrs. P. Rajamani, residing at 9/6, Thillai Nagar, Near IOB, Erode 638001, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, as a personal guarantor to M/s. KMP Spinners Private Limited (the Corporate Debtor). The application seeks to initiate the Insolvency Resolution Process. The debt owed to the 1st Respondent, Indian Overseas Bank, is Rs. 24,31,81,344/-, with a default date of 30.06.2019. The debt owed to the 2nd Respondent, Aditya Birla Finance Ltd, is Rs. 6,94,34,457/-, with a default date of 28.08.2019. The guarantees were invoked by both respondents under Section 13(2) of The SARFAESI Act, 2002. The Corporate Debtor defaulted on its repayment obligations, leading to the invocation of the guarantees. The Applicant placed copies
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The case involves an application filed under Section 94(1) of the Insolvency and Bankruptcy Code (IBC), 2016, by Mrs. P. Rajamani, a personal guarantor to M/s. KMP Spinners Private Limited (Corporate Debtor), to initiate the Insolvency Resolution Process. The applicant has given particulars of debt pertaining to the 1st Respondent (Indian Overseas Bank) as Rs. 24,31,81,344/- and to the 2nd Respondent (Aditya Birla Finance Ltd) as Rs. 6,94,34,457/-, with default dates of 30.06.2019 and 28.08.2019 respectively. The guarantees were invoked by the respondents under Section 13(2) of the SARFAESI Act, 2002. The application was presented, and Mr. Madhu Desikan was appointed as the Interim Resolution Professional (IRP).
Mrs. P. Rajamani, residing at 9/6, Thillai Nagar, Near IOB, Erode 638001, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, as a personal guarantor to M/s. KMP Spinners Private Limited (the Corporate Debtor). The application seeks to initiate the Insolvency Resolution Process. The debt owed to the 1st Respondent, Indian Overseas Bank, is Rs. 24,31,81,344/-, with a default date of 30.06.2019. The debt owed to the 2nd Respondent, Aditya Birla Finance Ltd, is Rs. 6,94,34,457/-, with a default date of 28.08.2019. The guarantees were invoked by both respondents under Section 13(2) of The SARFAESI Act, 2002. The Corporate Debtor defaulted on its repayment obligations, leading to the invocation of the guarantees. The Applicant placed copies
…Loan account of the…
Date of default for the…