The petition was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The prayer is to initiate the Insolvency Resolution Process against Ms. S. Chandra, the Personal Guarantor, for an amount of Rs. 8,30,59,218.13 together with interest. The date of default was specified as 30.12.2023. The petition was filed before the Tribunal on 06.02.2024. The applicant had stood as personal guarantor in respect of the loans availed by Ommeena Pharma Distributors Private Limited. The Respondent is Tamilnad Merchantile Bank Limited. The applicant has proposed Madhu Desikan as the
…Mrs. S Chandra, residing at Flat No. 108, B Block, ETA Verde, No. 6 Arcot Road, Porur, Chennai, 600116, stood as a personal guarantor for loans availed by Ommeena Pharma Distributors Private Limited. Tamilnad Merchantile Bank Limited, Chennai Mount Road Branch, is the creditor. The Corporate Debtor defaulted in payment, leading to the loan account being classified as a Non-Performing Asset (NPA) as on 30.12.2023. The bank issued a demand notice on 12.01.2024 under Section 13(2) of the SARFAESI Act, 2002, directing repayment of Rs. 8,30,59,218.13. The personal guarantor filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, on 06.02.2024. The applicant also furnished his Statement of Affairs as on 31.01.2024 to the tune of
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The Date of Default, as…
The bank issued a demand notice to the…
The petition was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The prayer is to initiate the Insolvency Resolution Process against Ms. S. Chandra, the Personal Guarantor, for an amount of Rs. 8,30,59,218.13 together with interest. The date of default was specified as 30.12.2023. The petition was filed before the Tribunal on 06.02.2024. The applicant had stood as personal guarantor in respect of the loans availed by Ommeena Pharma Distributors Private Limited. The Respondent is Tamilnad Merchantile Bank Limited. The applicant has proposed Madhu Desikan as the
…Mrs. S Chandra, residing at Flat No. 108, B Block, ETA Verde, No. 6 Arcot Road, Porur, Chennai, 600116, stood as a personal guarantor for loans availed by Ommeena Pharma Distributors Private Limited. Tamilnad Merchantile Bank Limited, Chennai Mount Road Branch, is the creditor. The Corporate Debtor defaulted in payment, leading to the loan account being classified as a Non-Performing Asset (NPA) as on 30.12.2023. The bank issued a demand notice on 12.01.2024 under Section 13(2) of the SARFAESI Act, 2002, directing repayment of Rs. 8,30,59,218.13. The personal guarantor filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, on 06.02.2024. The applicant also furnished his Statement of Affairs as on 31.01.2024 to the tune of
…The Date of Default, as…
The bank issued a demand notice to the…