Bank of Maharashtra filed a petition under Section 95 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 Debtor) Rules, 2019, seeking initiation of the Insolvency Resolution Process against Smt. Nukala Savithri, the Personal Guarantor of SVSVS Projects Private Limited, due to non-payment of Rs. 48,02,97,568.69/- as on 27.12.2018.
Bank of Maharashtra sanctioned working capital facilities to SVSVS Projects Private Limited, aggregating to Rs. 50.50 Crores, which were subsequently revised.
Smt. Nukala Savithri executed a Deed of Guarantee in favor of the Bank of Maharashtra, undertaking to pay on demand all amounts payable by the Corporate Debtor.
The Corporate Debtor defaulted in repayment, and the loan account was classified as NPA on 27.12.2018.
The Bank issued a Demand Notice in Form B dated 31.07.2021 invoking the Personal Guarantee and calling upon Smt. Nukala Savithri to discharge the outstanding liability.
The Corporate Debtor is already undergoing CIRP in CP (IB) No. 19/7/2021, which was admitted by the Tribunal on 26.04.2021.
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The Creditor is a Bank vide sanction letter…
Respondent No.1…
Bank of Maharashtra filed a petition under Section 95 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 Debtor) Rules, 2019, seeking initiation of the Insolvency Resolution Process against Smt. Nukala Savithri, the Personal Guarantor of SVSVS Projects Private Limited, due to non-payment of Rs. 48,02,97,568.69/- as on 27.12.2018.
Bank of Maharashtra sanctioned working capital facilities to SVSVS Projects Private Limited, aggregating to Rs. 50.50 Crores, which were subsequently revised.
Smt. Nukala Savithri executed a Deed of Guarantee in favor of the Bank of Maharashtra, undertaking to pay on demand all amounts payable by the Corporate Debtor.
The Corporate Debtor defaulted in repayment, and the loan account was classified as NPA on 27.12.2018.
The Bank issued a Demand Notice in Form B dated 31.07.2021 invoking the Personal Guarantee and calling upon Smt. Nukala Savithri to discharge the outstanding liability.
The Corporate Debtor is already undergoing CIRP in CP (IB) No. 19/7/2021, which was admitted by the Tribunal on 26.04.2021.
…The Creditor is a Bank vide sanction letter…
Respondent No.1…