The Central Bank of India filed a Company Petition 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, seeking to initiate the Insolvency Resolution Process against the Personal Guarantor of the Corporate Debtor. The Corporate Debtor availed various credit facilities from the Financial Creditor, with Respondent No.1 standing as guarantor. The Financial Creditor approached the Debt Recovery Tribunal (DRT) after the Corporate Debtor failed to repay the debts. The DRT directed the Corporate Debtor to pay a sum of Rs. 33,93,23,650.15/- as on 03.08.2020. The Financial Creditor issued
…Central Bank of India, the Financial Creditor (FC), filed a petition against Mr. Chavva Satya Krishna, the Personal Guarantor (Respondent No.1), and Sri Ananda Lakshmi Narasimha Industries India Private Limited, the Corporate Debtor (Respondent No.2). The Corporate Debtor availed various credit facilities from the FC, and Respondent No.1 acted as guarantor. The FC disbursed Rs. 33,18,09,761.02/- in various credit facilities. The Corporate Debtor created securities in favor of the FC through mortgages, hypothecation, and guarantees. The Corporate Debtor failed to adhere to the repayment terms, leading to irregular loan accounts. The FC issued a recall letter dated 17.03.2020, requesting the Corporate Debtor to clear dues of Rs. 32,34,97,219.64/-, but the Corporate
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The Financial Creditor issued a recall…
The Financial Creditor approached the Debt…
The Central Bank of India filed a Company Petition 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, seeking to initiate the Insolvency Resolution Process against the Personal Guarantor of the Corporate Debtor. The Corporate Debtor availed various credit facilities from the Financial Creditor, with Respondent No.1 standing as guarantor. The Financial Creditor approached the Debt Recovery Tribunal (DRT) after the Corporate Debtor failed to repay the debts. The DRT directed the Corporate Debtor to pay a sum of Rs. 33,93,23,650.15/- as on 03.08.2020. The Financial Creditor issued
…Central Bank of India, the Financial Creditor (FC), filed a petition against Mr. Chavva Satya Krishna, the Personal Guarantor (Respondent No.1), and Sri Ananda Lakshmi Narasimha Industries India Private Limited, the Corporate Debtor (Respondent No.2). The Corporate Debtor availed various credit facilities from the FC, and Respondent No.1 acted as guarantor. The FC disbursed Rs. 33,18,09,761.02/- in various credit facilities. The Corporate Debtor created securities in favor of the FC through mortgages, hypothecation, and guarantees. The Corporate Debtor failed to adhere to the repayment terms, leading to irregular loan accounts. The FC issued a recall letter dated 17.03.2020, requesting the Corporate Debtor to clear dues of Rs. 32,34,97,219.64/-, but the Corporate
…The Financial Creditor issued a recall…
The Financial Creditor approached the Debt…