State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 ("IBC") to initiate the Insolvency Resolution Process against the Personal Guarantor, Ch. Venkateswara Rao, who is associated with M/s. Springfield Shelters Private Limited, the Corporate Debtor. The application was filed due to a default on credit facilities taken by M/s. Springfield Shelters Private Limited, for which Ch. Venkateswara Rao had provided a personal guarantee.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Insolvency Resolution Process against Ch. Venkateswara Rao, the personal guarantor of M/s. Springfield Shelters Private Limited, the Corporate Debtor. M/s. Springfield Shelters Private Limited had taken credit facilities from SBI, and Ch. Venkateswara Rao had given a personal guarantee for the loan. The total debt was Rs. 57,12,05,235/-, and the amount of default was also Rs. 57,12,05,235/-, with the date of default being 02.05.2017. SBI submitted the Guarantee Agreement executed by the Respondent and the Demand Notice. The Demand Notice issued under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for
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The date of default on the credit facilities…
Demand Notice issued to the Personal…
State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 ("IBC") to initiate the Insolvency Resolution Process against the Personal Guarantor, Ch. Venkateswara Rao, who is associated with M/s. Springfield Shelters Private Limited, the Corporate Debtor. The application was filed due to a default on credit facilities taken by M/s. Springfield Shelters Private Limited, for which Ch. Venkateswara Rao had provided a personal guarantee.
State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Insolvency Resolution Process against Ch. Venkateswara Rao, the personal guarantor of M/s. Springfield Shelters Private Limited, the Corporate Debtor. M/s. Springfield Shelters Private Limited had taken credit facilities from SBI, and Ch. Venkateswara Rao had given a personal guarantee for the loan. The total debt was Rs. 57,12,05,235/-, and the amount of default was also Rs. 57,12,05,235/-, with the date of default being 02.05.2017. SBI submitted the Guarantee Agreement executed by the Respondent and the Demand Notice. The Demand Notice issued under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for
…The date of default on the credit facilities…
Demand Notice issued to the Personal…