Punjab National Bank (PNB) filed a petition under Section 95 of the IBC against Smt. Kotimreddy Anitha, the personal guarantor of M/s Variegate Projects Pvt. Ltd., the corporate debtor. PNB sought initiation of the Personal Insolvency Resolution Process (PIRP) against the personal guarantor.
Punjab National Bank sanctioned credit facilities to Variegate Projects Pvt. Ltd. for Rs. 65 crores on 13-02-2012.
Smt. Kotimreddy Anitha provided a personal guarantee for the credit facilities extended to Variegate Projects Pvt. Ltd.
Variegate Projects Pvt. Ltd. defaulted in repayment, and the loan account was classified as NPA on 24.03.2016.
PNB issued a demand notice dated 09.05.2016 under the Securitization Act.
PNB filed OA No. 3501/2017 before the Debts Recovery Tribunal-II, Hyderabad, seeking recovery of Rs. 59,73,69,028.
The DRT passed a final order on 05.04.2019, allowing the application and issuing a Recovery Certificate.
The Corporate Debtor submitted OTS proposals vide letters dated 21-08-2021, 17-12-2021, and 22-08-2023.
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Punjab National Bank sanctioned fund-based and…
The loan account of Variegate Projects Pvt. Ltd.…
Punjab National Bank (PNB) filed a petition under Section 95 of the IBC against Smt. Kotimreddy Anitha, the personal guarantor of M/s Variegate Projects Pvt. Ltd., the corporate debtor. PNB sought initiation of the Personal Insolvency Resolution Process (PIRP) against the personal guarantor.
Punjab National Bank sanctioned credit facilities to Variegate Projects Pvt. Ltd. for Rs. 65 crores on 13-02-2012.
Smt. Kotimreddy Anitha provided a personal guarantee for the credit facilities extended to Variegate Projects Pvt. Ltd.
Variegate Projects Pvt. Ltd. defaulted in repayment, and the loan account was classified as NPA on 24.03.2016.
PNB issued a demand notice dated 09.05.2016 under the Securitization Act.
PNB filed OA No. 3501/2017 before the Debts Recovery Tribunal-II, Hyderabad, seeking recovery of Rs. 59,73,69,028.
The DRT passed a final order on 05.04.2019, allowing the application and issuing a Recovery Certificate.
The Corporate Debtor submitted OTS proposals vide letters dated 21-08-2021, 17-12-2021, and 22-08-2023.
…Punjab National Bank sanctioned fund-based and…
The loan account of Variegate Projects Pvt. Ltd.…