The case pertains to CP (IB) No. 27/123/HDB/2023 filed under Section 123 of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The petition was filed by Central Bank of India, the Financial Creditor, against Mr. M.S.P Rama Rao, the Personal Guarantor, and M/s Konaseema Gas Power Limited, the Corporate Debtor. The Financial Creditor sought to initiate bankruptcy proceedings against the Personal Guarantor due to defaults in credit facilities extended to the Corporate Debtor. The Corporate Debtor had been granted various credit facilities by the Petitioner/Financial Creditor and other consortium member banks to set up a
…Central Bank of India, a banking institution, filed a petition under Section 123 of the Insolvency and Bankruptcy Code, 2016, against Mr. M.S.P Rama Rao, the personal guarantor, and M/s Konaseema Gas Power Limited, the corporate debtor. The case, CP (IB) No. 27/123/HDB/2023, was heard by the National Company Law Tribunal (NCLT), Hyderabad Bench-1. The corporate debtor had received credit facilities from the petitioner and other consortium banks to establish a power plant and meet working capital needs. The limits sanctioned by the petitioner bank included fund-based and non-fund-based limits, aggregating to Rs 134.84 Cr. Mr. Rama Rao had executed a guarantee agreement guaranteeing the repayment of these credit facilities. The applicant bank's share in the facilities
…Sign in to view the parties.
Loan accounts of the…
The Bank invoked the…
The case pertains to CP (IB) No. 27/123/HDB/2023 filed under Section 123 of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The petition was filed by Central Bank of India, the Financial Creditor, against Mr. M.S.P Rama Rao, the Personal Guarantor, and M/s Konaseema Gas Power Limited, the Corporate Debtor. The Financial Creditor sought to initiate bankruptcy proceedings against the Personal Guarantor due to defaults in credit facilities extended to the Corporate Debtor. The Corporate Debtor had been granted various credit facilities by the Petitioner/Financial Creditor and other consortium member banks to set up a
…Central Bank of India, a banking institution, filed a petition under Section 123 of the Insolvency and Bankruptcy Code, 2016, against Mr. M.S.P Rama Rao, the personal guarantor, and M/s Konaseema Gas Power Limited, the corporate debtor. The case, CP (IB) No. 27/123/HDB/2023, was heard by the National Company Law Tribunal (NCLT), Hyderabad Bench-1. The corporate debtor had received credit facilities from the petitioner and other consortium banks to establish a power plant and meet working capital needs. The limits sanctioned by the petitioner bank included fund-based and non-fund-based limits, aggregating to Rs 134.84 Cr. Mr. Rama Rao had executed a guarantee agreement guaranteeing the repayment of these credit facilities. The applicant bank's share in the facilities
…Loan accounts of the…
The Bank invoked the…