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 pertains to credit facilities availed by M/s. Springfield Shelters Private Limited from the Applicant, for which the Respondent provided a personal guarantee. The total debt and the amount of default are both stated as Rs. 57,12,05,235/-, with the date of default being 02.05.2017. The Applicant has submitted the Guarantee Agreement and Demand Notice as evidence.
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. Ch. Venkateswara Rao is associated with M/s. Springfield Shelters Private Limited, the Corporate Debtor. M/s. Springfield Shelters Private Limited had availed credit facilities from SBI. Ch. Venkateswara Rao had given a personal guarantee for the loan. The total debt and the amount of default are both Rs. 57,12,05,235/-, with the date of default being 02.05.2017. SBI has submitted the Guarantee Agreement and Demand Notice. The Demand Notice issued under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency
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The date of default on the loan for which…
The Demand Notice issued under Rule 7(1) of the…
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 pertains to credit facilities availed by M/s. Springfield Shelters Private Limited from the Applicant, for which the Respondent provided a personal guarantee. The total debt and the amount of default are both stated as Rs. 57,12,05,235/-, with the date of default being 02.05.2017. The Applicant has submitted the Guarantee Agreement and Demand Notice as evidence.
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. Ch. Venkateswara Rao is associated with M/s. Springfield Shelters Private Limited, the Corporate Debtor. M/s. Springfield Shelters Private Limited had availed credit facilities from SBI. Ch. Venkateswara Rao had given a personal guarantee for the loan. The total debt and the amount of default are both Rs. 57,12,05,235/-, with the date of default being 02.05.2017. SBI has submitted the Guarantee Agreement and Demand Notice. The Demand Notice issued under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency
…The date of default on the loan for which…
The Demand Notice issued under Rule 7(1) of the…