This case involves a petition filed by the State Bank of India (SBI), the Financial Creditor (FC), 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 Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The petition seeks the initiation of the Individual Insolvency Resolution Process (IR Process) against Mr. Kondapalli Udayananda Reddy, the Respondent, who is the Personal Guarantor (PG) to the Corporate Debtor (CD). The application is based on the CD's failure to discharge its debt to the FC, for which the Respondent stood as Guarantor. The CD was already taken into CIRP. A demand notice was issued to the PG on 2020-08-10 for
…The State Bank of India (SBI) filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Individual Insolvency Resolution Process against Mr. Kondapalli Udayananda Reddy, who acted as the Personal Guarantor for Kondapalli Udayananda & Sagar Infra Rail International Ltd, the Corporate Debtor (CD). The CD failed to discharge a debt of Rs.71,47,35,477.90 owed to SBI, leading to the guarantor's liability. A demand notice was issued to the PG on 2020-08-10. The CD was already undergoing Corporate Insolvency Resolution Process (CIRP). The PG, along with his parents, was involved in the business of manufacturing Thermit Welding Portions since 1984. The CD had entered into a Joint Venture with Ultimate Power Electro – Mechanical
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A demand notice was…
Corporate Deb…
This case involves a petition filed by the State Bank of India (SBI), the Financial Creditor (FC), 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 Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The petition seeks the initiation of the Individual Insolvency Resolution Process (IR Process) against Mr. Kondapalli Udayananda Reddy, the Respondent, who is the Personal Guarantor (PG) to the Corporate Debtor (CD). The application is based on the CD's failure to discharge its debt to the FC, for which the Respondent stood as Guarantor. The CD was already taken into CIRP. A demand notice was issued to the PG on 2020-08-10 for
…The State Bank of India (SBI) filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Individual Insolvency Resolution Process against Mr. Kondapalli Udayananda Reddy, who acted as the Personal Guarantor for Kondapalli Udayananda & Sagar Infra Rail International Ltd, the Corporate Debtor (CD). The CD failed to discharge a debt of Rs.71,47,35,477.90 owed to SBI, leading to the guarantor's liability. A demand notice was issued to the PG on 2020-08-10. The CD was already undergoing Corporate Insolvency Resolution Process (CIRP). The PG, along with his parents, was involved in the business of manufacturing Thermit Welding Portions since 1984. The CD had entered into a Joint Venture with Ultimate Power Electro – Mechanical
…A demand notice was…
Corporate Deb…