The State Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against Sri Kolli Venkata Raja Sekhar, the Personal Guarantor of GKC Projects Limited. The bank had sanctioned credit facilities to GKC Projects Limited in 2013. The corporate debtor defaulted on its obligations, leading to the bank classifying the account as NPA. The financial creditor initiated recovery proceedings under the SARFAESI Act and also filed a company petition under Section 7 of the Code, which was later rejected. A demand notice was issued to the personal guarantor on 04.04.2020.
State Bank of India (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Sri Kolli Venkata Raja Sekhar (Personal Guarantor) of GKC Projects Limited. The bank had sanctioned credit facilities to GKC Projects Limited in 2013, including cash credit, term loans, bank guarantees, and debentures, totaling Rs. 773,20,51,119.34. The Corporate Debtor defaulted on the terms of sanction letters and loan documents for cash credit account on 24.07.2018 and for Term Loan Account on 31.10.2018. The accounts of the Corporate Debtor were classified as NPA on 21.10.2018. The Financial Creditor exercised its rights under the SARFAESI Act, 2002, and filed OA No. 326 of 2019 before the Debt Recovery Tribunal-1, Hyderabad on 22.04.2019.
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The State Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against Sri Kolli Venkata Raja Sekhar, the Personal Guarantor of GKC Projects Limited. The bank had sanctioned credit facilities to GKC Projects Limited in 2013. The corporate debtor defaulted on its obligations, leading to the bank classifying the account as NPA. The financial creditor initiated recovery proceedings under the SARFAESI Act and also filed a company petition under Section 7 of the Code, which was later rejected. A demand notice was issued to the personal guarantor on 04.04.2020.
State Bank of India (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Sri Kolli Venkata Raja Sekhar (Personal Guarantor) of GKC Projects Limited. The bank had sanctioned credit facilities to GKC Projects Limited in 2013, including cash credit, term loans, bank guarantees, and debentures, totaling Rs. 773,20,51,119.34. The Corporate Debtor defaulted on the terms of sanction letters and loan documents for cash credit account on 24.07.2018 and for Term Loan Account on 31.10.2018. The accounts of the Corporate Debtor were classified as NPA on 21.10.2018. The Financial Creditor exercised its rights under the SARFAESI Act, 2002, and filed OA No. 326 of 2019 before the Debt Recovery Tribunal-1, Hyderabad on 22.04.2019.
…The Bank sanctioned…
The Corporate Debtor committed defaults on…