The Central Bank of India, as the Financial Creditor (FC), 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 Mr. Kothapatti Raju, the Personal Guarantor of the Corporate Debtor (Sri Ananda Lakshmi Narasimha Industries Private Limited). The Corporate Debtor availed various credit facilities from the FC, with Mr. Kothapatti Raju acting as guarantor. The FC approached the Debt Recovery Tribunal (DRT) after the Corporate Debtor failed to repay the debts, and the DRT directed the CD to pay a sum
…Central Bank of India (Financial Creditor) filed a petition against Mr. Kothapatti Raju (Personal Guarantor) and Sri Ananda Lakshmi Narasimha Industries Private Limited (Corporate Debtor). The Corporate Debtor availed credit facilities from the Financial Creditor, with Mr. Kothapatti Raju acting as guarantor. The Corporate Debtor defaulted on repayment, leading the Financial Creditor to approach the Debt Recovery Tribunal (DRT). The DRT ordered the Corporate Debtor to pay Rs.33,93,23,650.15/- as on 03.08.2020. The Financial Creditor issued a demand notice to Mr. Kothapatti Raju, who failed to clear the dues. The Financial Creditor relied on a Supreme Court judgment stating that a decree in favor of the Financial Creditor gives rise to a fresh cause of action under
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Mr. Kothapatti Raju…
Mr. Kothapatti Raju…
The Central Bank of India, as the Financial Creditor (FC), 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 Mr. Kothapatti Raju, the Personal Guarantor of the Corporate Debtor (Sri Ananda Lakshmi Narasimha Industries Private Limited). The Corporate Debtor availed various credit facilities from the FC, with Mr. Kothapatti Raju acting as guarantor. The FC approached the Debt Recovery Tribunal (DRT) after the Corporate Debtor failed to repay the debts, and the DRT directed the CD to pay a sum
…Central Bank of India (Financial Creditor) filed a petition against Mr. Kothapatti Raju (Personal Guarantor) and Sri Ananda Lakshmi Narasimha Industries Private Limited (Corporate Debtor). The Corporate Debtor availed credit facilities from the Financial Creditor, with Mr. Kothapatti Raju acting as guarantor. The Corporate Debtor defaulted on repayment, leading the Financial Creditor to approach the Debt Recovery Tribunal (DRT). The DRT ordered the Corporate Debtor to pay Rs.33,93,23,650.15/- as on 03.08.2020. The Financial Creditor issued a demand notice to Mr. Kothapatti Raju, who failed to clear the dues. The Financial Creditor relied on a Supreme Court judgment stating that a decree in favor of the Financial Creditor gives rise to a fresh cause of action under
…Mr. Kothapatti Raju…
Mr. Kothapatti Raju…