The case involves a company petition filed by the Central Bank of India (Financial Creditor) under Section 60(2) and 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The petition seeks to initiate the Insolvency Resolution Process against the Personal Guarantor of the Corporate Debtor, Sri Ananda Lakshmi Narasimha Industries India Private Limited. The Corporate Debtor availed various credit facilities from the Financial Creditor, and the Respondent No.1, Mr. Chavva Satya Krishna, stood as guarantor for these facilities. The Corporate Debtor defaulted on repayment, leading the Financial Creditor to
…Central Bank of India, the Financial Creditor (FC), filed a company petition under Section 60(2) and 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Mr. Chavva Satya Krishna, the Personal Guarantor of Sri Ananda Lakshmi Narasimha Industries India Private Limited, the Corporate Debtor (CD). The CD had availed various credit facilities from the FC, with Mr. Krishna acting as guarantor. The CD defaulted on its repayment obligations, leading the FC to issue a recall letter on 17.03.2020, demanding Rs. 32,34,97,219.64/-. The CD failed to repay, prompting the FC to approach the Debt Recovery Tribunal (DRT). The DRT, on 04.04.2022, directed the CD to pay Rs. 33,93,23,650.15/- as of 03.08.2020.
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The Financial Creditor issued a recall…
The Financial Creditor approached the Debt…
The case involves a company petition filed by the Central Bank of India (Financial Creditor) under Section 60(2) and 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The petition seeks to initiate the Insolvency Resolution Process against the Personal Guarantor of the Corporate Debtor, Sri Ananda Lakshmi Narasimha Industries India Private Limited. The Corporate Debtor availed various credit facilities from the Financial Creditor, and the Respondent No.1, Mr. Chavva Satya Krishna, stood as guarantor for these facilities. The Corporate Debtor defaulted on repayment, leading the Financial Creditor to
…Central Bank of India, the Financial Creditor (FC), filed a company petition under Section 60(2) and 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Mr. Chavva Satya Krishna, the Personal Guarantor of Sri Ananda Lakshmi Narasimha Industries India Private Limited, the Corporate Debtor (CD). The CD had availed various credit facilities from the FC, with Mr. Krishna acting as guarantor. The CD defaulted on its repayment obligations, leading the FC to issue a recall letter on 17.03.2020, demanding Rs. 32,34,97,219.64/-. The CD failed to repay, prompting the FC to approach the Debt Recovery Tribunal (DRT). The DRT, on 04.04.2022, directed the CD to pay Rs. 33,93,23,650.15/- as of 03.08.2020.
…The Financial Creditor issued a recall…
The Financial Creditor approached the Debt…