The case involves a petition filed by Pridhvi Asset Reconstruction and Securitisation Company Ltd. against Mr. Kollipara Ravi Kumar, the personal guarantor of M/s. Sri Pavana Keerthi Hotels India Private Limited (Corporate Debtor), under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The petitioner sought initiation of the Insolvency Resolution Process (IRP) against the personal guarantor due to the corporate debtor's failure to honor its obligations under a Composite Deed of Hypothecation. The corporate debtor's account was declared NPA on 29.09.2015. The petitioner, as
…Pridhvi Asset Reconstruction and Securitisation Company Ltd. (Petitioner/Financial Creditor) filed a petition against Mr. Kollipara Ravi Kumar (Respondent No.1/Personal Guarantor) under Section 95 of the Insolvency and Bankruptcy Code, 2016. The petition relates to the personal guarantee provided by Mr. Kumar for the debts of M/s. Sri Pavana Keerthi Hotels India Private Limited (Respondent No.2/Corporate Debtor). The Petitioner had sanctioned a working capital facility to the Corporate Debtor, with Mr. Kumar acting as the personal guarantor. The Corporate Debtor defaulted on its obligations, leading to its account being classified as NPA on 29.09.2015. The Petitioner filed OA 403 of 2017 before the DRT Hyderabad-1, which granted a decree on 09.02.2019 along with a
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The case involves a petition filed by Pridhvi Asset Reconstruction and Securitisation Company Ltd. against Mr. Kollipara Ravi Kumar, the personal guarantor of M/s. Sri Pavana Keerthi Hotels India Private Limited (Corporate Debtor), under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The petitioner sought initiation of the Insolvency Resolution Process (IRP) against the personal guarantor due to the corporate debtor's failure to honor its obligations under a Composite Deed of Hypothecation. The corporate debtor's account was declared NPA on 29.09.2015. The petitioner, as
…Pridhvi Asset Reconstruction and Securitisation Company Ltd. (Petitioner/Financial Creditor) filed a petition against Mr. Kollipara Ravi Kumar (Respondent No.1/Personal Guarantor) under Section 95 of the Insolvency and Bankruptcy Code, 2016. The petition relates to the personal guarantee provided by Mr. Kumar for the debts of M/s. Sri Pavana Keerthi Hotels India Private Limited (Respondent No.2/Corporate Debtor). The Petitioner had sanctioned a working capital facility to the Corporate Debtor, with Mr. Kumar acting as the personal guarantor. The Corporate Debtor defaulted on its obligations, leading to its account being classified as NPA on 29.09.2015. The Petitioner filed OA 403 of 2017 before the DRT Hyderabad-1, which granted a decree on 09.02.2019 along with a
…Petitioner sanctioned…
Executed between…