Mr. T. Jayakumar, acting as a personal guarantor for M/s. Sunaichandran Mills Private Limited ('Corporate Debtor'), filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process. The Corporate Debtor had taken credit facilities from Indian Bank, and Mr. Jayakumar had provided a personal guarantee for the loan. The Corporate Debtor defaulted on the repayment, leading to the filing of the application.
Mr. T. Jayakumar filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, as a personal guarantor to M/s. Sunaichandran Mills Private Limited, seeking to initiate the Insolvency Resolution Process. M/s. Sunaichandran Mills Private Limited had obtained credit facilities from Indian Bank, for which Mr. Jayakumar had provided a personal guarantee. The Corporate Debtor defaulted on a debt of Rs. 3,74,64,873/-, with the date of default being 30.09.2018. The applicant submitted a copy of the Demand Notice dated 01.10.2018 issued by Canara Bank under Section 13(2) of the SARFAESI Act, 2022, and a copy of the Auction Sale Notice dated 05.05.2023 issued by Indian Bank. The applicant also filed a statement of affairs as on 25.05.2023. The guarantor
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The Corporate Debtor…
Canara Bank issued a…
Mr. T. Jayakumar, acting as a personal guarantor for M/s. Sunaichandran Mills Private Limited ('Corporate Debtor'), filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process. The Corporate Debtor had taken credit facilities from Indian Bank, and Mr. Jayakumar had provided a personal guarantee for the loan. The Corporate Debtor defaulted on the repayment, leading to the filing of the application.
Mr. T. Jayakumar filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, as a personal guarantor to M/s. Sunaichandran Mills Private Limited, seeking to initiate the Insolvency Resolution Process. M/s. Sunaichandran Mills Private Limited had obtained credit facilities from Indian Bank, for which Mr. Jayakumar had provided a personal guarantee. The Corporate Debtor defaulted on a debt of Rs. 3,74,64,873/-, with the date of default being 30.09.2018. The applicant submitted a copy of the Demand Notice dated 01.10.2018 issued by Canara Bank under Section 13(2) of the SARFAESI Act, 2022, and a copy of the Auction Sale Notice dated 05.05.2023 issued by Indian Bank. The applicant also filed a statement of affairs as on 25.05.2023. The guarantor
…The Corporate Debtor…
Canara Bank issued a…