State Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Vaddineni Venkatappa Naidu, the personal guarantor of Victory Electricals Limited (VEL), for a default amount of Rs. 365,36,36,599.58. The date of default was specified as 09.03.2012 for the cash credit account and 31.05.2012 for the term loan. The petitioner relied on a deed of personal guarantee executed by the guarantor in favor of the financial creditor.
State Bank of India filed a petition against Vaddineni Venkatappa Naidu, the personal guarantor of Victory Electricals Limited (VEL), under Section 95 of the IBC.
The default amount claimed was Rs. 365,36,36,599.58, with the date of default being 09.03.2012 for cash credit and 31.05.2012 for term loan.
The petitioner relied on a deed of personal guarantee executed by Vaddineni Venkatappa Naidu in favor of State Bank of India.
The respondent, Vaddineni Venkatappa Naidu, challenged the maintainability of the petition, alleging malicious intent and raising concerns about the handling of the corporate debtor's assets.
The respondent filed an application under Section 65(1) of the IBC, claiming that the petition was malicious and fraudulent.
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Date of Defau…
Date of Defau…
State Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Vaddineni Venkatappa Naidu, the personal guarantor of Victory Electricals Limited (VEL), for a default amount of Rs. 365,36,36,599.58. The date of default was specified as 09.03.2012 for the cash credit account and 31.05.2012 for the term loan. The petitioner relied on a deed of personal guarantee executed by the guarantor in favor of the financial creditor.
State Bank of India filed a petition against Vaddineni Venkatappa Naidu, the personal guarantor of Victory Electricals Limited (VEL), under Section 95 of the IBC.
The default amount claimed was Rs. 365,36,36,599.58, with the date of default being 09.03.2012 for cash credit and 31.05.2012 for term loan.
The petitioner relied on a deed of personal guarantee executed by Vaddineni Venkatappa Naidu in favor of State Bank of India.
The respondent, Vaddineni Venkatappa Naidu, challenged the maintainability of the petition, alleging malicious intent and raising concerns about the handling of the corporate debtor's assets.
The respondent filed an application under Section 65(1) of the IBC, claiming that the petition was malicious and fraudulent.
…Date of Defau…
Date of Defau…