The South Indian Bank Ltd. filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the IBBI Rules, to initiate the insolvency resolution process against Mrs. Devi Kalesh, the personal guarantor to M/s. Tanish My Zone Super Markets India Limited, the corporate debtor. The Corporate Debtor had approached the bank for financial assistance to set up a supermarket, and various loan facilities were sanctioned, totaling Rs. 2,16,49,000/-. These loans were secured through hypothecation of movable assets, machineries, and equitable mortgage of immovable properties, as well as personal guarantees. The Corporate Debtor defaulted on payments, leading to the account being declared NPA on 05.12.2021. The bank recalled the entire
…The South Indian Bank Ltd. extended financial facilities to M/s. Tanish My Zone Super Markets India Limited (Corporate Debtor) for setting up a supermarket. These facilities included a Cash Credit Overdraft Loan (CCOL) of Rs. 40,00,000/- and Term Loans of Rs. 80,00,000/-, Rs. 24,49,000/-, and Rs. 43,00,000/-, totaling Rs. 2,16,49,000/-. The sanctions were conveyed through Letters of Intent dated 02.08.2019, 17.09.2019, and 24.10.2020. The loans were secured by hypothecation of movable assets, machineries, and equitable mortgage of immovable properties. Mrs. Devi Kalesh provided a personal guarantee for the loans. The Corporate Debtor defaulted on payments, and the account was declared NPA on 05.12.2021. The bank recalled the entire loan facility on 24.12.2021, with the
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Letter of Int…
Letter of Int…
The South Indian Bank Ltd. filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the IBBI Rules, to initiate the insolvency resolution process against Mrs. Devi Kalesh, the personal guarantor to M/s. Tanish My Zone Super Markets India Limited, the corporate debtor. The Corporate Debtor had approached the bank for financial assistance to set up a supermarket, and various loan facilities were sanctioned, totaling Rs. 2,16,49,000/-. These loans were secured through hypothecation of movable assets, machineries, and equitable mortgage of immovable properties, as well as personal guarantees. The Corporate Debtor defaulted on payments, leading to the account being declared NPA on 05.12.2021. The bank recalled the entire
…The South Indian Bank Ltd. extended financial facilities to M/s. Tanish My Zone Super Markets India Limited (Corporate Debtor) for setting up a supermarket. These facilities included a Cash Credit Overdraft Loan (CCOL) of Rs. 40,00,000/- and Term Loans of Rs. 80,00,000/-, Rs. 24,49,000/-, and Rs. 43,00,000/-, totaling Rs. 2,16,49,000/-. The sanctions were conveyed through Letters of Intent dated 02.08.2019, 17.09.2019, and 24.10.2020. The loans were secured by hypothecation of movable assets, machineries, and equitable mortgage of immovable properties. Mrs. Devi Kalesh provided a personal guarantee for the loans. The Corporate Debtor defaulted on payments, and the account was declared NPA on 05.12.2021. The bank recalled the entire loan facility on 24.12.2021, with the
…Letter of Int…
Letter of Int…