The Central Bank of India, as the Financial Creditor, filed a petition against Mr. Kothapatti Raju, the Personal Guarantor (Respondent No. 1), and Sri Ananda Lakshmi Narasimha Industries India Private Limited, the Corporate Debtor (Respondent No. 2), under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was specifically filed against the Personal Guarantor of the Corporate Debtor. The Corporate Debtor had availed credit facilities from the Financial Creditor, and upon defaulting, the Financial Creditor approached the Debt Recovery Tribunal (DRT), which directed the Corporate Debtor to pay a sum of INR 33,93,23,650.15/-. Despite the DRT order, the Corporate Debtor
…The Central Bank of India (Financial Creditor) extended credit facilities totaling INR 33,18,09,761.02 to Sri Ananda Lakshmi Narasimha Industries India Private Limited (Corporate Debtor). Mr. Kothapatti Raju (Respondent No. 1) acted as the Personal Guarantor for these credit facilities, executing Form Guarantees on 13.03.2013, 29.03.2014, September 2016, and 01.11.2016. The Corporate Debtor defaulted on repayment, leading the Financial Creditor to issue a recall letter on 17.03.2020 demanding INR 32,34,97,219.64/- within seven days. The Corporate Debtor failed to discharge the debt. Consequently, the Financial Creditor approached the Debt Recovery Tribunal (DRT) on 05.08.2020, resulting in an order on 04.04.2022 directing the Corporate Debtor to pay INR
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Respondent No.1…
Respondent No.1…
The Central Bank of India, as the Financial Creditor, filed a petition against Mr. Kothapatti Raju, the Personal Guarantor (Respondent No. 1), and Sri Ananda Lakshmi Narasimha Industries India Private Limited, the Corporate Debtor (Respondent No. 2), under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was specifically filed against the Personal Guarantor of the Corporate Debtor. The Corporate Debtor had availed credit facilities from the Financial Creditor, and upon defaulting, the Financial Creditor approached the Debt Recovery Tribunal (DRT), which directed the Corporate Debtor to pay a sum of INR 33,93,23,650.15/-. Despite the DRT order, the Corporate Debtor
…The Central Bank of India (Financial Creditor) extended credit facilities totaling INR 33,18,09,761.02 to Sri Ananda Lakshmi Narasimha Industries India Private Limited (Corporate Debtor). Mr. Kothapatti Raju (Respondent No. 1) acted as the Personal Guarantor for these credit facilities, executing Form Guarantees on 13.03.2013, 29.03.2014, September 2016, and 01.11.2016. The Corporate Debtor defaulted on repayment, leading the Financial Creditor to issue a recall letter on 17.03.2020 demanding INR 32,34,97,219.64/- within seven days. The Corporate Debtor failed to discharge the debt. Consequently, the Financial Creditor approached the Debt Recovery Tribunal (DRT) on 05.08.2020, resulting in an order on 04.04.2022 directing the Corporate Debtor to pay INR
…Respondent No.1…
Respondent No.1…