The Union Bank of India filed a petition 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, seeking initiation of the Insolvency Resolution Process against Smt. K. Sridevi, the personal guarantor of M/s. Thexa Pharma Private Limited (Corporate Debtor). The Corporate Debtor had approached the Financial Creditor for a term loan of Rs. 6.45 Crores and an OCC Limit of 18 Crores. The Corporate Debtor failed to service interest and/or principal, leading to the account being classified as NPA. The Financial Creditor filed an Original Application before the Debt Recovery Tribunal
…The Corporate Debtor, M/s. Thexa Pharma Private Limited, approached the Union Bank of India for financial assistance, including a term loan of Rs. 6.45 Crores for setting up a pellet manufacturing plant and an OCC Limit of 18 Crores for working capital. The Board of Directors of the Corporate Debtor passed a resolution on 02.05.2015 to take loans. In 2016, the working capital was enhanced to 31 Crores, and an additional term loan of Rs. 2 Crores was sanctioned for setting up a capsule plant. On 02.08.2016, loan documents were executed by the Corporate Debtor and Personal Guarantors in favor of the Financial Creditor. In 2017, Unit II (capsule plant) of the Corporate Debtor was sold, and the proceeds were adjusted towards the closure of term loan 2 (Rs. 2.00 cr). The
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The Union Bank of India filed a petition 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, seeking initiation of the Insolvency Resolution Process against Smt. K. Sridevi, the personal guarantor of M/s. Thexa Pharma Private Limited (Corporate Debtor). The Corporate Debtor had approached the Financial Creditor for a term loan of Rs. 6.45 Crores and an OCC Limit of 18 Crores. The Corporate Debtor failed to service interest and/or principal, leading to the account being classified as NPA. The Financial Creditor filed an Original Application before the Debt Recovery Tribunal
…The Corporate Debtor, M/s. Thexa Pharma Private Limited, approached the Union Bank of India for financial assistance, including a term loan of Rs. 6.45 Crores for setting up a pellet manufacturing plant and an OCC Limit of 18 Crores for working capital. The Board of Directors of the Corporate Debtor passed a resolution on 02.05.2015 to take loans. In 2016, the working capital was enhanced to 31 Crores, and an additional term loan of Rs. 2 Crores was sanctioned for setting up a capsule plant. On 02.08.2016, loan documents were executed by the Corporate Debtor and Personal Guarantors in favor of the Financial Creditor. In 2017, Unit II (capsule plant) of the Corporate Debtor was sold, and the proceeds were adjusted towards the closure of term loan 2 (Rs. 2.00 cr). The
…Board of Directors of…
Loan documents were executed by the Corporate…