The Financial Creditor, 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. Rayapudi Rama Devi, the Personal Guarantor of M/s. Bakeys Foods Private Limited.
The Petitioner Bank sanctioned a working capital facility consisting of a Cash Credit facility with a limit of Rs.2.00 Crores to M/s. Bakeys Foods Private Limited.
The total repayments of the corporate debtor amounted to Rs.7,36,91,231.73/-, including a principal amount of Rs. 1,96,21,170.00/- and interest of Rs. 5,40,70,061.73/- calculated until 23.08.2022.
The loan account of Respondent No.2 (Bakeys Foods Private Limited) was declared as NPA on 28.01.2014.
Respondent No.1, Smt. Rayapudi Rama Devi, executed a Deed of Guarantee on 16.02.2013 to secure the financial assistance granted by the financial creditor to Respondent No.2.
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Petitioner Bank issued…
Personal Gua…
The Financial Creditor, 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. Rayapudi Rama Devi, the Personal Guarantor of M/s. Bakeys Foods Private Limited.
The Petitioner Bank sanctioned a working capital facility consisting of a Cash Credit facility with a limit of Rs.2.00 Crores to M/s. Bakeys Foods Private Limited.
The total repayments of the corporate debtor amounted to Rs.7,36,91,231.73/-, including a principal amount of Rs. 1,96,21,170.00/- and interest of Rs. 5,40,70,061.73/- calculated until 23.08.2022.
The loan account of Respondent No.2 (Bakeys Foods Private Limited) was declared as NPA on 28.01.2014.
Respondent No.1, Smt. Rayapudi Rama Devi, executed a Deed of Guarantee on 16.02.2013 to secure the financial assistance granted by the financial creditor to Respondent No.2.
…Petitioner Bank issued…
Personal Gua…