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 Insolvency Resolution Process against Shri V. Ramesh, the Personal Guarantor of M/s. Versatile Mobile Distributors Private Limited.
Bank of Maharashtra sanctioned working capital facilities to Versatile Mobile Distributors Private Limited, including a Cash Credit facility of Rs. 885 Lakhs and a Bank Guarantee Limit of Rs. 550 Lakhs.
The corporate debtor, Versatile Mobile Distributors Private Limited, failed to honor its obligations towards the Financial Creditor, and its loan account was declared NPA on 31.12.2016.
Shri V. Ramesh, the Personal Guarantor, executed a Deed of Guarantee on 20.08.2015 to secure the financial assistance granted by the Financial Creditor to Versatile Mobile Distributors Private Limited.
The Financial Creditor issued a Form B demand notice dated 08.06.2022 to Shri V. Ramesh, the personal guarantor, for the outstanding amount.
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Bank of Maharashtra issued a sanction letter…
Shri V. Ramesh…
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 Insolvency Resolution Process against Shri V. Ramesh, the Personal Guarantor of M/s. Versatile Mobile Distributors Private Limited.
Bank of Maharashtra sanctioned working capital facilities to Versatile Mobile Distributors Private Limited, including a Cash Credit facility of Rs. 885 Lakhs and a Bank Guarantee Limit of Rs. 550 Lakhs.
The corporate debtor, Versatile Mobile Distributors Private Limited, failed to honor its obligations towards the Financial Creditor, and its loan account was declared NPA on 31.12.2016.
Shri V. Ramesh, the Personal Guarantor, executed a Deed of Guarantee on 20.08.2015 to secure the financial assistance granted by the Financial Creditor to Versatile Mobile Distributors Private Limited.
The Financial Creditor issued a Form B demand notice dated 08.06.2022 to Shri V. Ramesh, the personal guarantor, for the outstanding amount.
…Bank of Maharashtra issued a sanction letter…
Shri V. Ramesh…