(Under Section 95(1) of the IBC, 2016 read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal

Guarantors to Corporate Persons) Rules, 2019)

&

IA(IBC)/49/KOB/2024

IN

CP(IBC)/23/KOB/2023

(Under Section 99 of the Insolvency and

Bankruptcy Code, 2016)

In the matter of:

THE SOUTH INDIAN BANK LTD. vs. MS.

SYAMA SHINU

MEMO OF PARTIES:

CP(IBC)/23/KOB/2023

THE SOUTH INDIAN BANK LTD.

Regd. Office: SIB, House, TB Road, Mission

Quarters, Thrissur, Kerala 680 001

Branch Office: Door No:2487 C, Ward No.18,

–

Kejees Building, Opp. St. High School, Thoppumpady P.O., Ernakulam,

Sebastian’s

Kerala - 682 005

… Applicant/Creditor

MS. SYAMA SINU

W/o Shinu,’Atham’, Kappil P.O

IA(IBC)/49/KOB/2024 in CP(IBC)/23/KOB/2023 In the matter of The South Indian Bank Ltd. v. Ms. Syama Shinu Edava, Thriruvananthapuran … Respondent/

Personal Guarantor IA(IBC)/49/KOB/2024 MR. JASIN JOSE, Resolution Professional, Ponmattam, Madasserry House, Mookkannoor P.O., Angamaly- 683 577 Email: - cajasinjose@gmail.com … Applicant Order delivered on: 05.04.2024 Coram:

Hon’ble Member (Technical) Hon’ble Member (Judicial) Shri. Shyam Babu Gautam TMT. Justice T Krishna Valli Appearances:

For the Applicants : Mr. Sojan James, Advocate For the Respondents : Mr. Issac Thomas, Advocate For the RP : Mr. Akhil Suresh, Advocate IA(IBC)/49/KOB/2024 in CP(IBC)/23/KOB/2023 In the matter of The South Indian Bank Ltd. v. Ms. Syama Shinu

O R D E R

Per Coram

1. The present application has been filed by Applicant Creditor, under with rule 7(2) of the Insolvency and Bankruptcy (Application to Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (“Code”) read Adjudicating Authority for Insolvency Resolution Process for Personal The South Indian Bank Ltd., for initiation of the insolvency resolution process of Ms.

Guarantors to Corporate Debtors) Rules, 2019 (“Rules”) by Syama Shinu, the Personal Guarantor to M/s. Tanish My Zone Super Markets India Limited, the c .

CP(oIBrpCo)/ra2t3e/ dKeObtBo/r2 (0“C2D3” )

The brief facts of the case are as follows:

2. The Corporate Debtor approached the South Indian Bank Ltd.

Chalikkavattom, Ernakulam. A Cash Credit Overdraft Loan (CCOL) Account (“Applicant”) for financial assistance for setting up a supermarket at No. 0118083000051039 for an amount of Rs.40,00,000/-. Term Loan for an amount of Rs. 80,00,000/-, Rs. 24,49,000/- and Rs. 43,00,000/- were also sanctioned. Together the company availed an amount of Rs.2,16,49,000/- from the bank. The sanction was conveyed vide Letter of Intent dated 02.08.2019, 17.09.2019 and 24.10.2020, respectively. The CD created the following securities in favour of the Applicant:

IA(IBC)/49/KOB/2024 in CP(IBC)/23/KOB/2023 In the matter of The South Indian Bank Ltd. v. Ms. Syama Shinu a) Hypothecation of all the movable assets of the borrower, including stock-in-trade, Stock of raw materials, stock in process, finished goods, and goods of the borrower, all the present and future actionable claims and other movable property, and all other assets acquired /to be acquired by the borrower under the project/scheme.

b) Hypothecation of Machineries/Equipment of the coconut oil extraction acquired utilizing the loan amount from M/s Essar Technis or such other vendors and kept in the premises of the borrower company or such other places, which was created on

02.08.2019.

c) Equitable Mortgage of the immovable properties, admeasuring

12.54 Ares (8.73 ares + 3.81 ares) along with other constructions, improvements, and easement rights existing and appurtenant thereon situated in old Sy No, 6920/31, 6920/ 9-32, 6920/9-34, 713/1, 7135/4,6,7,14 Re-Sy No.2893/3 and 225/86 within Kol]am West Village, Kollam Taluk, Kollam District and owned by Meena Kumari more fully described in Registered Will having Document No.83/2col dated 12.10.2001 of sub Registrar office-Kollam which was created on 03.08.2019.

d) Personal Guarantees of Ms. Devi Kalesh, Ms. Meenakshi C.S., Ms.

Sathikumari Mohankumar and Ms. Sya