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. These petitions are against the personal guarantors, Mrs. Raheena and Mr. Nazar S, of the corporate debtor, M/s. Nasco Trading India Ltd., seeking to initiate the Insolvency Resolution Process. The corporate debtor is already undergoing Corporate Insolvency Resolution Process pursuant to an earlier order of the Tribunal. The State Bank of Travancore (now merged with State Bank of India) had granted credit facilities to
…The State Bank of India (SBI), formerly State Bank of Travancore (SBT), extended credit facilities amounting to Rs. 2,00,00,000/- to M/s. Nasco Trading India Ltd. through a sanction letter and loan agreement. This credit was intended to provide working capital. The credit facility was subsequently enhanced, reaching Rs. 9.5 Crore in cash credit along with a term loan of Rs. 1 Crore by February 18, 2016. M/s. Nasco Trading India Ltd. executed a Term Agreement and Hypothecation Agreement, creating Equitable Mortgage by depositing Title Deeds of properties of Personal Guarantors, Shri Nazar and Ms. Raheena. Mrs. Raheena and Mr. Nazar S, acting as personal guarantors, executed deeds of guarantee and supplementary deeds to cover the increased credit limits. These guarantees
…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. These petitions are against the personal guarantors, Mrs. Raheena and Mr. Nazar S, of the corporate debtor, M/s. Nasco Trading India Ltd., seeking to initiate the Insolvency Resolution Process. The corporate debtor is already undergoing Corporate Insolvency Resolution Process pursuant to an earlier order of the Tribunal. The State Bank of Travancore (now merged with State Bank of India) had granted credit facilities to
…The State Bank of India (SBI), formerly State Bank of Travancore (SBT), extended credit facilities amounting to Rs. 2,00,00,000/- to M/s. Nasco Trading India Ltd. through a sanction letter and loan agreement. This credit was intended to provide working capital. The credit facility was subsequently enhanced, reaching Rs. 9.5 Crore in cash credit along with a term loan of Rs. 1 Crore by February 18, 2016. M/s. Nasco Trading India Ltd. executed a Term Agreement and Hypothecation Agreement, creating Equitable Mortgage by depositing Title Deeds of properties of Personal Guarantors, Shri Nazar and Ms. Raheena. Mrs. Raheena and Mr. Nazar S, acting as personal guarantors, executed deeds of guarantee and supplementary deeds to cover the increased credit limits. These guarantees
…The erstwhile State Bank of Travancore…
Cash credit facility…