The case involves a petition filed under Section 95(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 petition seeks to initiate a Corporate Insolvency Resolution Process (CIRP) against the Personal Guarantor of M/s. Tenny Jose Limited (Corporate Debtor) due to a default amount of Rs. 73,77,18,785.56. The Corporate Debtor had availed working capital credit facilities from State Bank of India (SBI) and South Indian Bank (SIB). The Petitioner/Personal Guarantor, along with his family, had given Personal Guarantees to SIB and SBI and mortgaged their assets. The Corporate Debtor faced
…Mr. Tenny Jose is the Personal Guarantor for M/s. Tenny Jose Limited, the Corporate Debtor. The Corporate Debtor availed working capital credit facilities from State Bank of India (SBI) and South Indian Bank (SIB). Mr. Jose, along with his family, provided Personal Guarantees to SIB and SBI, mortgaging their assets. The Corporate Debtor, a family-owned, closely held, public, unlisted company incorporated on 11.10.2011, engaged in paper products, building materials, and steel products. The Corporate Debtor faced financial difficulties due to the imposition of anti-dumping duty on imported copier paper from ASEAN countries in November 2018 and the Covid-19 pandemic, which significantly reduced demand. The loan accounts of the Corporate Debtor were declared as NPA by SBI
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Tenny Jose Lim…
Government of India imposed anti-dumping…
The case involves a petition filed under Section 95(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 petition seeks to initiate a Corporate Insolvency Resolution Process (CIRP) against the Personal Guarantor of M/s. Tenny Jose Limited (Corporate Debtor) due to a default amount of Rs. 73,77,18,785.56. The Corporate Debtor had availed working capital credit facilities from State Bank of India (SBI) and South Indian Bank (SIB). The Petitioner/Personal Guarantor, along with his family, had given Personal Guarantees to SIB and SBI and mortgaged their assets. The Corporate Debtor faced
…Mr. Tenny Jose is the Personal Guarantor for M/s. Tenny Jose Limited, the Corporate Debtor. The Corporate Debtor availed working capital credit facilities from State Bank of India (SBI) and South Indian Bank (SIB). Mr. Jose, along with his family, provided Personal Guarantees to SIB and SBI, mortgaging their assets. The Corporate Debtor, a family-owned, closely held, public, unlisted company incorporated on 11.10.2011, engaged in paper products, building materials, and steel products. The Corporate Debtor faced financial difficulties due to the imposition of anti-dumping duty on imported copier paper from ASEAN countries in November 2018 and the Covid-19 pandemic, which significantly reduced demand. The loan accounts of the Corporate Debtor were declared as NPA by SBI
…Tenny Jose Lim…
Government of India imposed anti-dumping…