The case involves an application filed by the State Bank of India (Financial Creditor) under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution Process against Mr. Basani Mar Reddy, the Personal Guarantor of the Corporate Debtor, M/s. Indu Projects Limited. Indu Projects Limited, engaged in infrastructure construction, availed financial assistance from the Financial Creditor and associate banks. Mr. Reddy executed a guarantee agreement to secure the repayment. Due to operational stress, the Corporate Debtor defaulted on its obligations and was referred to the Corporate Debt Restructuring (CDR) Cell. A Master Restructuring Agreement (MRA) was entered into on 2012-09-28. The Corporate Debtor's account was classified as
…M/s. Indu Projects Limited, a Corporate Debtor engaged in infrastructure construction, availed financial assistance from the State Bank of India (Financial Creditor) and its associate banks. Mr. Basani Mar Reddy acted as the Personal Guarantor, executing a guarantee agreement to secure the repayment of the financial assistance. Due to operational stress, the Corporate Debtor defaulted on its debt service obligations, leading to a referral to the Corporate Debt Restructuring (CDR) Cell. A Master Restructuring Agreement (MRA) was executed on 2012-09-28. The account was classified as NPA on 2014-09-15. The Financial Creditor initiated measures under the SARFAESI Act, and an associate bank obtained a decree from the Debt Recovery Tribunal (DRT) for Rs.208,99,61,156.09/-
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The Corporate Debtor, Financial Creditor, and…
The account of the…
The case involves an application filed by the State Bank of India (Financial Creditor) under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution Process against Mr. Basani Mar Reddy, the Personal Guarantor of the Corporate Debtor, M/s. Indu Projects Limited. Indu Projects Limited, engaged in infrastructure construction, availed financial assistance from the Financial Creditor and associate banks. Mr. Reddy executed a guarantee agreement to secure the repayment. Due to operational stress, the Corporate Debtor defaulted on its obligations and was referred to the Corporate Debt Restructuring (CDR) Cell. A Master Restructuring Agreement (MRA) was entered into on 2012-09-28. The Corporate Debtor's account was classified as
…M/s. Indu Projects Limited, a Corporate Debtor engaged in infrastructure construction, availed financial assistance from the State Bank of India (Financial Creditor) and its associate banks. Mr. Basani Mar Reddy acted as the Personal Guarantor, executing a guarantee agreement to secure the repayment of the financial assistance. Due to operational stress, the Corporate Debtor defaulted on its debt service obligations, leading to a referral to the Corporate Debt Restructuring (CDR) Cell. A Master Restructuring Agreement (MRA) was executed on 2012-09-28. The account was classified as NPA on 2014-09-15. The Financial Creditor initiated measures under the SARFAESI Act, and an associate bank obtained a decree from the Debt Recovery Tribunal (DRT) for Rs.208,99,61,156.09/-
…The Corporate Debtor, Financial Creditor, and…
The account of the…