Karur Vysya Bank Ltd. filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Insolvency Resolution Process against the personal guarantor, Shanthi Mohan, of Saraswati Udyog India Limited, the Corporate Debtor. Saraswati Udyog India Limited had taken credit facilities from the bank, and Shanthi Mohan had given a personal guarantee for the loan. The Corporate Debtor defaulted on the debt, leading the bank to initiate CIRP against the Corporate Debtor.
Karur Vysya Bank Ltd. filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Shanthi Mohan, the personal guarantor of Saraswati Udyog India Limited. Saraswati Udyog India Limited had taken credit facilities from Karur Vysya Bank Ltd., and Shanthi Mohan had provided a personal guarantee for the loan. The Corporate Debtor defaulted on the debt, leading the bank to initiate CIRP against the Corporate Debtor. The debt amount was Rs.63,51,54,356.88/-, and the date of default was 15.01.2020. The Personal Guarantee Agreement was dated 27.03.2018, and the Acknowledgement of Debt by the Respondent was dated 28.03.2018. A demand notice was issued to the Personal Guarantor on 18.12.2021.
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Karur Vysya Bank Ltd. filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Insolvency Resolution Process against the personal guarantor, Shanthi Mohan, of Saraswati Udyog India Limited, the Corporate Debtor. Saraswati Udyog India Limited had taken credit facilities from the bank, and Shanthi Mohan had given a personal guarantee for the loan. The Corporate Debtor defaulted on the debt, leading the bank to initiate CIRP against the Corporate Debtor.
Karur Vysya Bank Ltd. filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Shanthi Mohan, the personal guarantor of Saraswati Udyog India Limited. Saraswati Udyog India Limited had taken credit facilities from Karur Vysya Bank Ltd., and Shanthi Mohan had provided a personal guarantee for the loan. The Corporate Debtor defaulted on the debt, leading the bank to initiate CIRP against the Corporate Debtor. The debt amount was Rs.63,51,54,356.88/-, and the date of default was 15.01.2020. The Personal Guarantee Agreement was dated 27.03.2018, and the Acknowledgement of Debt by the Respondent was dated 28.03.2018. A demand notice was issued to the Personal Guarantor on 18.12.2021.
Date on which the…
Date of the P…