Canara Bank, as the Financial Creditor, filed Company Petitions under Section 95 of the Insolvency & Bankruptcy Code, 2016, read with Rule 7(2) of the relevant rules, to initiate insolvency resolution processes against Smt. Valsala T S, Mr. Stephen Logan, and Mr. P A Nazeeb, who are personal guarantors to M/s Savute Textiles Private Limited, the Corporate Debtor, for a default amounting to Rs. 43,68,79,602/- plus further interest.
Canara Bank filed petitions against Valsala T S, Stephen Logan, and P A Nazeeb, personal guarantors to M/s Savute Textiles Private Limited.
The Corporate Debtor, M/s Savute Textiles Private Limited, availed credit facilities from Canara Bank.
The Corporate Debtor defaulted on repayment, leading to its account being classified as NPA on 14.06.2019.
The Financial Creditor filed an Original Application before DRT-1, Ernakulam, for recovery.
A petition under Section 9 of IBC was filed by M/s. Sulpa International against the Corporate Debtor, which was admitted on 11.03.2022, initiating CIRP.
The Corporate Debtor was put into liquidation by the Tribunal on 06.07.2023.
The Financial Creditor filed notices of invocation of guarantee dated 29.01.2024 against the guarantors.
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The Corporate…
Corporate Insolvency…
Canara Bank, as the Financial Creditor, filed Company Petitions under Section 95 of the Insolvency & Bankruptcy Code, 2016, read with Rule 7(2) of the relevant rules, to initiate insolvency resolution processes against Smt. Valsala T S, Mr. Stephen Logan, and Mr. P A Nazeeb, who are personal guarantors to M/s Savute Textiles Private Limited, the Corporate Debtor, for a default amounting to Rs. 43,68,79,602/- plus further interest.
Canara Bank filed petitions against Valsala T S, Stephen Logan, and P A Nazeeb, personal guarantors to M/s Savute Textiles Private Limited.
The Corporate Debtor, M/s Savute Textiles Private Limited, availed credit facilities from Canara Bank.
The Corporate Debtor defaulted on repayment, leading to its account being classified as NPA on 14.06.2019.
The Financial Creditor filed an Original Application before DRT-1, Ernakulam, for recovery.
A petition under Section 9 of IBC was filed by M/s. Sulpa International against the Corporate Debtor, which was admitted on 11.03.2022, initiating CIRP.
The Corporate Debtor was put into liquidation by the Tribunal on 06.07.2023.
The Financial Creditor filed notices of invocation of guarantee dated 29.01.2024 against the guarantors.
…The Corporate…
Corporate Insolvency…