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 the corporate debtor, 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 the corporate debtor's default on credit facilities granted by the erstwhile State Bank of Travancore (SBT), now merged with State Bank of India (SBI). The corporate debtor is already undergoing
…The State Bank of India (SBI) 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 undergoing Corporate Insolvency Resolution Process. The erstwhile State Bank of Travancore (SBT), which later merged with SBI, had granted credit facilities to the corporate debtor amounting to Rs.2,00,00,000/- in 2011. This facility was enhanced over time, reaching Rs.9.5 Crore in cash credit and Rs.1 Crore in term loan by 2016. The personal guarantors executed deeds of guarantee for the increased credit facilities. The corporate debtor defaulted on the loan, leading to the account being classified as NPA on 2017-08-28. SBI issued a demand notice under Section 13(2) of the
…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 the corporate debtor, 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 the corporate debtor's default on credit facilities granted by the erstwhile State Bank of Travancore (SBT), now merged with State Bank of India (SBI). The corporate debtor is already undergoing
…The State Bank of India (SBI) 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 undergoing Corporate Insolvency Resolution Process. The erstwhile State Bank of Travancore (SBT), which later merged with SBI, had granted credit facilities to the corporate debtor amounting to Rs.2,00,00,000/- in 2011. This facility was enhanced over time, reaching Rs.9.5 Crore in cash credit and Rs.1 Crore in term loan by 2016. The personal guarantors executed deeds of guarantee for the increased credit facilities. The corporate debtor defaulted on the loan, leading to the account being classified as NPA on 2017-08-28. SBI issued a demand notice under Section 13(2) of the
…The erstwhile State Bank of Travancore…
Cash credit facility…