The case involves an application (IA No. 492 of 2021) filed by Central Bank of India, a financial creditor, under Section 5 of the Limitation Act read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking condonation of a 201-day delay in filing a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Mr. K. Shashidhar, the personal guarantor (Respondent No. 1), and M/s. Kamineni Steel and Power India Limited, the corporate debtor (Respondent No. 2). The financial creditor had extended credit facilities to the corporate debtor since 2011, and the personal guarantor had executed a deed of guarantee on 24.12.2014 guaranteeing the repayment of these facilities. The corporate debtor's account was classified as NPA on
…Central Bank of India, a banking institution, extended credit facilities to M/s. Kamineni Steel and Power India Limited (Corporate Debtor) since 2011. Mr. K. Shashidhar (Respondent No. 1) provided a personal guarantee by executing a Deed of Guarantee dated 24.12.2014, guaranteeing the repayment of the credit facilities. The loan accounts became irregular and were classified as NPA on 31.12.2015. The bank invoked the guarantee agreement on 21.01.2017. The Corporate Debtor was referred to the Tribunal under Section 10 of the Insolvency and Bankruptcy Code, 2016, and liquidation proceedings were initiated on 26.10.2018. The Financial Creditor issued a demand notice on 15.12.2020, demanding Rs. 287,63,91,873. The Financial Creditor filed an application under Section 95 of
…Sign in to view the parties.
Banking Companies…
Credit facilities granted to the Corporate…
The case involves an application (IA No. 492 of 2021) filed by Central Bank of India, a financial creditor, under Section 5 of the Limitation Act read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking condonation of a 201-day delay in filing a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Mr. K. Shashidhar, the personal guarantor (Respondent No. 1), and M/s. Kamineni Steel and Power India Limited, the corporate debtor (Respondent No. 2). The financial creditor had extended credit facilities to the corporate debtor since 2011, and the personal guarantor had executed a deed of guarantee on 24.12.2014 guaranteeing the repayment of these facilities. The corporate debtor's account was classified as NPA on
…Central Bank of India, a banking institution, extended credit facilities to M/s. Kamineni Steel and Power India Limited (Corporate Debtor) since 2011. Mr. K. Shashidhar (Respondent No. 1) provided a personal guarantee by executing a Deed of Guarantee dated 24.12.2014, guaranteeing the repayment of the credit facilities. The loan accounts became irregular and were classified as NPA on 31.12.2015. The bank invoked the guarantee agreement on 21.01.2017. The Corporate Debtor was referred to the Tribunal under Section 10 of the Insolvency and Bankruptcy Code, 2016, and liquidation proceedings were initiated on 26.10.2018. The Financial Creditor issued a demand notice on 15.12.2020, demanding Rs. 287,63,91,873. The Financial Creditor filed an application under Section 95 of
…Banking Companies…
Credit facilities granted to the Corporate…