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 the Respondent. The Respondent is associated with M/s. Springfield Shelters Private Limited, the Corporate Debtor. M/s. Springfield Shelters Private Limited had taken credit facilities from the Applicant, and the Respondent had given a personal guarantee for the loan. The application details the total debt as Rs. 57,12,05,235/- and the amount of default as Rs. 57,12,05,235/-, with the date of default being 02.05.2017. The Applicant has submitted the Guarantee Agreement executed by the Respondent and the Demand Notice. The Demand Notice was
…State Bank of India (Applicant) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Ch. Venkateswara Rao (Respondent), who acted as a personal guarantor for credit facilities availed by M/s. Springfield Shelters Private Limited (Corporate Debtor). The total debt and the amount of default are both Rs. 57,12,05,235/-, with the default date being 02.05.2017. The Applicant submitted the Guarantee Agreement and a Demand Notice dated 20.09.2021. The Demand Notice was issued under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The relevance of these facts lies in
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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 the Respondent. The Respondent is associated with M/s. Springfield Shelters Private Limited, the Corporate Debtor. M/s. Springfield Shelters Private Limited had taken credit facilities from the Applicant, and the Respondent had given a personal guarantee for the loan. The application details the total debt as Rs. 57,12,05,235/- and the amount of default as Rs. 57,12,05,235/-, with the date of default being 02.05.2017. The Applicant has submitted the Guarantee Agreement executed by the Respondent and the Demand Notice. The Demand Notice was
…State Bank of India (Applicant) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Ch. Venkateswara Rao (Respondent), who acted as a personal guarantor for credit facilities availed by M/s. Springfield Shelters Private Limited (Corporate Debtor). The total debt and the amount of default are both Rs. 57,12,05,235/-, with the default date being 02.05.2017. The Applicant submitted the Guarantee Agreement and a Demand Notice dated 20.09.2021. The Demand Notice was issued under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The relevance of these facts lies in
…The date of default on…
The Demand Notice was…