The case involves two petitions, CP(IB)/04/KOB/2022 and CP(IB)/05/KOB/2022, filed by State Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, against the personal guarantors of M/s. Nasco Trading India Ltd. The petitions seek to initiate the Insolvency Resolution Process against the personal guarantors, Mrs. Raheena and Mr. Nazar S, due to defaults committed by the corporate debtor. The corporate debtor is already undergoing Corporate Insolvency Resolution Process. The State Bank of Travancore (now merged with State Bank of India) had granted credit facilities
…The State Bank of India filed petitions against Mrs. Raheena and Mr. Nazar S, who are personal guarantors to the corporate debtor, M/s. Nasco Trading India Ltd. The corporate debtor is already undergoing Corporate Insolvency Resolution Process. The erstwhile State Bank of Travancore (SBT) granted credit facilities to the corporate debtor amounting to Rs.2,00,00,000/- on 02.09.2011, which was later enhanced to Rs.9.5 Crore along with a term loan of Rs.1 Crore on 18.02.2016. The personal guarantors executed deeds of guarantee and supplementary deeds of guarantee for the increase in the overall limit of credit facilities. The State Bank of Travancore merged with State Bank of India (SBI) with effect from 01.04.2017. Due to defaults by the Corporate Debtor, the loan
…Sign in to view the parties.
The erstwhile State Bank of Travancore…
Cash credit facility…
The case involves two petitions, CP(IB)/04/KOB/2022 and CP(IB)/05/KOB/2022, filed by State Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, against the personal guarantors of M/s. Nasco Trading India Ltd. The petitions seek to initiate the Insolvency Resolution Process against the personal guarantors, Mrs. Raheena and Mr. Nazar S, due to defaults committed by the corporate debtor. The corporate debtor is already undergoing Corporate Insolvency Resolution Process. The State Bank of Travancore (now merged with State Bank of India) had granted credit facilities
…The State Bank of India filed petitions against Mrs. Raheena and Mr. Nazar S, who are personal guarantors to the corporate debtor, M/s. Nasco Trading India Ltd. The corporate debtor is already undergoing Corporate Insolvency Resolution Process. The erstwhile State Bank of Travancore (SBT) granted credit facilities to the corporate debtor amounting to Rs.2,00,00,000/- on 02.09.2011, which was later enhanced to Rs.9.5 Crore along with a term loan of Rs.1 Crore on 18.02.2016. The personal guarantors executed deeds of guarantee and supplementary deeds of guarantee for the increase in the overall limit of credit facilities. The State Bank of Travancore merged with State Bank of India (SBI) with effect from 01.04.2017. Due to defaults by the Corporate Debtor, the loan
…The erstwhile State Bank of Travancore…
Cash credit facility…