Union Bank of India, acting as the Financial Creditor, filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantor to Corporate Debtor) Rules, 2019, seeking initiation of the Insolvency Resolution Process against Mr. N Sharat, the Personal Guarantor of M/s. Thexa Pharma Private Limited (Corporate Debtor). The Corporate Debtor had approached the Financial Creditor for term loans and working capital. The Corporate Debtor defaulted on repayments, leading to the account being classified as NPA. The Financial Creditor issued a demand notice to the Personal Guarantor, who failed to pay the outstanding amount. The
…Union Bank of India (Financial Creditor) extended loans to M/s. Thexa Pharma Private Limited (Corporate Debtor) for setting up a pellet manufacturing plant and for working capital. Mr. N Sharat acted as the Personal Guarantor for the Corporate Debtor. The Corporate Debtor defaulted on the loan repayments, leading to the account being classified as NPA on 28.02.2018. The Financial Creditor issued a demand notice dated 12.08.2021 to the Personal Guarantor, demanding payment of Rs. 50,71,65,556.58. The Personal Guarantor allegedly did not pay the outstanding amount. The Financial Creditor filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against the Personal Guarantor. The Personal
…Sign in to view the parties.
Board of Directors of the Corporate Debtor…
The accounts were classified as NPA as the…
Union Bank of India, acting as the Financial Creditor, filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantor to Corporate Debtor) Rules, 2019, seeking initiation of the Insolvency Resolution Process against Mr. N Sharat, the Personal Guarantor of M/s. Thexa Pharma Private Limited (Corporate Debtor). The Corporate Debtor had approached the Financial Creditor for term loans and working capital. The Corporate Debtor defaulted on repayments, leading to the account being classified as NPA. The Financial Creditor issued a demand notice to the Personal Guarantor, who failed to pay the outstanding amount. The
…Union Bank of India (Financial Creditor) extended loans to M/s. Thexa Pharma Private Limited (Corporate Debtor) for setting up a pellet manufacturing plant and for working capital. Mr. N Sharat acted as the Personal Guarantor for the Corporate Debtor. The Corporate Debtor defaulted on the loan repayments, leading to the account being classified as NPA on 28.02.2018. The Financial Creditor issued a demand notice dated 12.08.2021 to the Personal Guarantor, demanding payment of Rs. 50,71,65,556.58. The Personal Guarantor allegedly did not pay the outstanding amount. The Financial Creditor filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against the Personal Guarantor. The Personal
…Board of Directors of the Corporate Debtor…
The accounts were classified as NPA as the…