The Central Bank of India, as the Financial Creditor, filed a petition against Smt. Chavva Naga Lakshmi, the Personal Guarantor (Respondent No. 1), and Sri Ananda Lakshmi Narasimha Industries India Private Limited, the Corporate Debtor (Respondent No. 2), under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP). The application was filed because the Corporate Debtor defaulted on credit facilities availed from the Financial Creditor, for which Respondent No. 1 acted as a personal guarantor. Despite a recall letter and a Debt Recovery Tribunal (DRT) order directing the Corporate Debtor to pay the outstanding amount, the debt remained unpaid.
The Central Bank of India (Financial Creditor) extended credit facilities totaling INR 33,18,09,761.02 to Sri Ananda Lakshmi Narasimha Industries India Private Limited (Corporate Debtor/Respondent No.2). Smt. Chavva Naga Lakshmi (Respondent No.1) acted as a Personal Guarantor for these facilities, executing Form Guarantees on 13.03.2013, 29.03.2014, September-2016, and 01.11.2016. The Corporate Debtor defaulted on repayment, leading the Financial Creditor to issue a recall letter on 17.03.2020, demanding INR 32,34,97,219.64 within seven days. The Corporate Debtor failed to comply. Consequently, the Financial Creditor approached the Debt Recovery Tribunal (DRT) on 05.08.2020 (O.A.No.261/2020). The DRT ordered the Corporate Debtor on 04.04.2022 to pay INR 33,93,23,650.15
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Respondent No.1…
Respondent No.1…
The Central Bank of India, as the Financial Creditor, filed a petition against Smt. Chavva Naga Lakshmi, the Personal Guarantor (Respondent No. 1), and Sri Ananda Lakshmi Narasimha Industries India Private Limited, the Corporate Debtor (Respondent No. 2), under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP). The application was filed because the Corporate Debtor defaulted on credit facilities availed from the Financial Creditor, for which Respondent No. 1 acted as a personal guarantor. Despite a recall letter and a Debt Recovery Tribunal (DRT) order directing the Corporate Debtor to pay the outstanding amount, the debt remained unpaid.
The Central Bank of India (Financial Creditor) extended credit facilities totaling INR 33,18,09,761.02 to Sri Ananda Lakshmi Narasimha Industries India Private Limited (Corporate Debtor/Respondent No.2). Smt. Chavva Naga Lakshmi (Respondent No.1) acted as a Personal Guarantor for these facilities, executing Form Guarantees on 13.03.2013, 29.03.2014, September-2016, and 01.11.2016. The Corporate Debtor defaulted on repayment, leading the Financial Creditor to issue a recall letter on 17.03.2020, demanding INR 32,34,97,219.64 within seven days. The Corporate Debtor failed to comply. Consequently, the Financial Creditor approached the Debt Recovery Tribunal (DRT) on 05.08.2020 (O.A.No.261/2020). The DRT ordered the Corporate Debtor on 04.04.2022 to pay INR 33,93,23,650.15
…Respondent No.1…
Respondent No.1…