The Financial Creditor (State Bank of India) filed an application under Sections 121 and 123 of the IBC, 2016, read with Rule 7 of the IBBI (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantor to Corporate Debtors) Rules, 2019, to initiate bankruptcy proceedings against the Personal Guarantor (Shri Yarlagadda Madhu Mohan) due to the Corporate Debtor's (M/s. YKM Entertainment & Hotels Private Limited) default on financial assistance and the failure of the Personal Guarantor to submit a repayment plan.
The Corporate Debtor, M/s. YKM Entertainment & Hotels Private Limited, availed financial assistance totaling Rs 263,48,37,487/- from the Financial Creditor, State Bank of India, and its associate banks. To secure this financial assistance, the Personal Guarantor, Shri Yarlagadda Madhu Mohan, executed a Guarantee Agreement. The total outstanding dues, including interest and other bank charges, amounted to Rs. 372,63,03,510/- as of February 1, 2025.
…The Corporate Debtor's…
Financial Creditor issued notice to the…
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The Financial Creditor (State Bank of India) filed an application under Sections 121 and 123 of the IBC, 2016, read with Rule 7 of the IBBI (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantor to Corporate Debtors) Rules, 2019, to initiate bankruptcy proceedings against the Personal Guarantor (Shri Yarlagadda Madhu Mohan) due to the Corporate Debtor's (M/s. YKM Entertainment & Hotels Private Limited) default on financial assistance and the failure of the Personal Guarantor to submit a repayment plan.
The Corporate Debtor, M/s. YKM Entertainment & Hotels Private Limited, availed financial assistance totaling Rs 263,48,37,487/- from the Financial Creditor, State Bank of India, and its associate banks. To secure this financial assistance, the Personal Guarantor, Shri Yarlagadda Madhu Mohan, executed a Guarantee Agreement. The total outstanding dues, including interest and other bank charges, amounted to Rs. 372,63,03,510/- as of February 1, 2025.
…The Corporate Debtor's…
Financial Creditor issued notice to the…
Sign in to view related legal provisions.