The case involves an application filed under Section 94(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the Insolvency and Bankruptcy Rules, 2019, seeking initiation of an insolvency resolution process for personal guarantors to corporate debtors. The applicant, Kondala Chenchaiah, is the director and key person of M/s. Kommu Rakesh Builders Private Limited, which is also the corporate debtor. The applicant provided a guarantee of Rs. 9,00,00,000/- for the corporate debtor's debts. The corporate debtor defaulted on payments, leading to its accounts becoming Non-Performing Assets (NPAs) in the books of the financial creditor, City Union Bank, as of 2020-11-30. The bank initiated actions under the SARFAESI Act and issued notices to the applicant
…Mr. Kondala Chenchaiah, the applicant, is the director and key person of M/s. Kommu Rakesh Builders Private Limited, the corporate debtor. He provided a guarantee of Rs. 9,00,00,000/- for the corporate debtor's debts. The corporate debtor defaulted on payments, leading to its accounts becoming NPAs as of 2020-11-30. City Union Bank, the financial creditor, initiated actions under the SARFAESI Act and issued notices to Mr. Chenchaiah as the guarantor. The financial creditor tried to sell the applicant's assets, which were mortgaged against the loans availed by the corporate debtor. The debts for which the bankruptcy process application was filed did not include liabilities such as fines, damages for negligence, maintenance, student loans, or other debts prescribed under
…Sign in to view the parties.
The accounts of the Corporate Debtor became…
Order passed…
The case involves an application filed under Section 94(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the Insolvency and Bankruptcy Rules, 2019, seeking initiation of an insolvency resolution process for personal guarantors to corporate debtors. The applicant, Kondala Chenchaiah, is the director and key person of M/s. Kommu Rakesh Builders Private Limited, which is also the corporate debtor. The applicant provided a guarantee of Rs. 9,00,00,000/- for the corporate debtor's debts. The corporate debtor defaulted on payments, leading to its accounts becoming Non-Performing Assets (NPAs) in the books of the financial creditor, City Union Bank, as of 2020-11-30. The bank initiated actions under the SARFAESI Act and issued notices to the applicant
…Mr. Kondala Chenchaiah, the applicant, is the director and key person of M/s. Kommu Rakesh Builders Private Limited, the corporate debtor. He provided a guarantee of Rs. 9,00,00,000/- for the corporate debtor's debts. The corporate debtor defaulted on payments, leading to its accounts becoming NPAs as of 2020-11-30. City Union Bank, the financial creditor, initiated actions under the SARFAESI Act and issued notices to Mr. Chenchaiah as the guarantor. The financial creditor tried to sell the applicant's assets, which were mortgaged against the loans availed by the corporate debtor. The debts for which the bankruptcy process application was filed did not include liabilities such as fines, damages for negligence, maintenance, student loans, or other debts prescribed under
…The accounts of the Corporate Debtor became…
Order passed…