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 (Sri Ananda Lakshmi Narasimha Industries Private Limited) had availed various credit facilities from the Financial Creditor (Central Bank of India), with Mr. Kotha Kasi Viswanandham acting as the guarantor. The Corporate Debtor defaulted on repayment, leading to the Financial Creditor approaching the Debt Recovery Tribunal (DRT). The DRT directed
…The Central Bank of India (Financial Creditor) filed a petition against Mr. Kotha Kasi Viswanandham (Personal Guarantor) and Sri Ananda Lakshmi Narasimha Industries India Private Limited (Corporate Debtor). The Corporate Debtor availed credit facilities from the Financial Creditor, with the Personal Guarantor providing a guarantee. The Corporate Debtor defaulted on repayments, resulting in loan accounts becoming irregular. The Financial Creditor issued a recall letter on 2020-03-17, requesting the Corporate Debtor to clear dues of Rs. 32,34,97,219.64 within 7 days. The Corporate Debtor failed to repay, leading the Financial Creditor to approach the Debt Recovery Tribunal (DRT). The DRT disposed of the matter on 2022-04-04, directing the Corporate Debtor to pay Rs.
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Guarantee executed by Respondent No.1 for…
Guarantee executed by Respondent No.1 for…
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 (Sri Ananda Lakshmi Narasimha Industries Private Limited) had availed various credit facilities from the Financial Creditor (Central Bank of India), with Mr. Kotha Kasi Viswanandham acting as the guarantor. The Corporate Debtor defaulted on repayment, leading to the Financial Creditor approaching the Debt Recovery Tribunal (DRT). The DRT directed
…The Central Bank of India (Financial Creditor) filed a petition against Mr. Kotha Kasi Viswanandham (Personal Guarantor) and Sri Ananda Lakshmi Narasimha Industries India Private Limited (Corporate Debtor). The Corporate Debtor availed credit facilities from the Financial Creditor, with the Personal Guarantor providing a guarantee. The Corporate Debtor defaulted on repayments, resulting in loan accounts becoming irregular. The Financial Creditor issued a recall letter on 2020-03-17, requesting the Corporate Debtor to clear dues of Rs. 32,34,97,219.64 within 7 days. The Corporate Debtor failed to repay, leading the Financial Creditor to approach the Debt Recovery Tribunal (DRT). The DRT disposed of the matter on 2022-04-04, directing the Corporate Debtor to pay Rs.
…Guarantee executed by Respondent No.1 for…
Guarantee executed by Respondent No.1 for…