Canbank Factors Limited, a financial creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Personal Insolvency Resolution Process (PIRP) against Sri D. Rama Linga Raju, the personal guarantor of M/s. Vensa Laboratories Pvt Ltd, the corporate debtor.
The Corporate Debtor, Vensa Laboratories Pvt. Ltd., availed financial facilities from Canbank Factors Limited.
Sri D. Rama Linga Raju executed guarantee agreements to secure the repayment of the financial assistance provided to the Corporate Debtor.
The Corporate Debtor defaulted on repayment, leading to the issuance of a Loan Recall Notice.
Canbank Factors Limited issued a Demand Notice dated 24.01.2024 under Rule 7(1) of the Insolvency and Bankruptcy Rules, 2019.
The Resolution Professional recommended the admission of the application based on the details recorded in the RP report.
The Personal Guarantor filed a counter denying the averments made by the Financial Creditor.
The Financial Creditor relied on the publication of the demand notice in newspapers.
…Sign in to view the parties.
Sri D. Rama Linga Raju executed guarantee…
The Corporate…
Canbank Factors Limited, a financial creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Personal Insolvency Resolution Process (PIRP) against Sri D. Rama Linga Raju, the personal guarantor of M/s. Vensa Laboratories Pvt Ltd, the corporate debtor.
The Corporate Debtor, Vensa Laboratories Pvt. Ltd., availed financial facilities from Canbank Factors Limited.
Sri D. Rama Linga Raju executed guarantee agreements to secure the repayment of the financial assistance provided to the Corporate Debtor.
The Corporate Debtor defaulted on repayment, leading to the issuance of a Loan Recall Notice.
Canbank Factors Limited issued a Demand Notice dated 24.01.2024 under Rule 7(1) of the Insolvency and Bankruptcy Rules, 2019.
The Resolution Professional recommended the admission of the application based on the details recorded in the RP report.
The Personal Guarantor filed a counter denying the averments made by the Financial Creditor.
The Financial Creditor relied on the publication of the demand notice in newspapers.
…Sri D. Rama Linga Raju executed guarantee…
The Corporate…