The Central Bank of India, acting as the Financial Creditor, filed a petition against Mr. Pyda Venkata Rama Lalith Ranjit, the Personal Guarantor/Respondent, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had sanctioned a term loan of Rs. 35 Crores to the Corporate Debtor, for which the Respondent stood as guarantor. The Corporate Debtor defaulted on the loan, leading to its classification as NPA. The Financial Creditor initiated recovery proceedings under the SARFAESI Act, including issuing demand notices and taking possession of mortgaged securities. The Corporate Debtor's attempts to settle the dues through OTS were unsuccessful, prompting the Financial Creditor to file the application for CIRP against the Personal
…The Central Bank of India sanctioned a term loan of Rs. 35 Crores to a Corporate Debtor on 2013-04-23. The Corporate Debtor executed a Term Loan Agreement and a letter of Hypothecation on 2013-05-06, creating an equitable mortgage. Mr. Pyda Venkata Rama Lalith Ranjit stood as a guarantor for the loan. The Corporate Debtor defaulted, and the loan account was declared NPA on 2015-07-29. The Corporate Debtor acknowledged the debt on 2017-02-21. The bank issued a demand notice under the SARFAESI Act on 2018-01-01. The Corporate Debtor failed to repay, and the bank took possession of mortgaged securities, issuing a sale notice on 2021-02-10, with an auction date set for 2021-03-15. The DRT Visakhapatnam stayed the auction. The Corporate Debtor submitted an OTS on
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The Central Bank of India, acting as the Financial Creditor, filed a petition against Mr. Pyda Venkata Rama Lalith Ranjit, the Personal Guarantor/Respondent, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had sanctioned a term loan of Rs. 35 Crores to the Corporate Debtor, for which the Respondent stood as guarantor. The Corporate Debtor defaulted on the loan, leading to its classification as NPA. The Financial Creditor initiated recovery proceedings under the SARFAESI Act, including issuing demand notices and taking possession of mortgaged securities. The Corporate Debtor's attempts to settle the dues through OTS were unsuccessful, prompting the Financial Creditor to file the application for CIRP against the Personal
…The Central Bank of India sanctioned a term loan of Rs. 35 Crores to a Corporate Debtor on 2013-04-23. The Corporate Debtor executed a Term Loan Agreement and a letter of Hypothecation on 2013-05-06, creating an equitable mortgage. Mr. Pyda Venkata Rama Lalith Ranjit stood as a guarantor for the loan. The Corporate Debtor defaulted, and the loan account was declared NPA on 2015-07-29. The Corporate Debtor acknowledged the debt on 2017-02-21. The bank issued a demand notice under the SARFAESI Act on 2018-01-01. The Corporate Debtor failed to repay, and the bank took possession of mortgaged securities, issuing a sale notice on 2021-02-10, with an auction date set for 2021-03-15. The DRT Visakhapatnam stayed the auction. The Corporate Debtor submitted an OTS on
…The Petitioner/Financial Creditor sanctioned…
The Corporate Debtor…