The case pertains to an application filed by State Bank of India (Financial Creditor) under Section 95 of the Insolvency and Bankruptcy Code, 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 application seeks initiation of the Individual Insolvency Resolution Process (IR Process) against Mr. Kondapalli Udayananda Reddy, the Respondent/Personal Guarantor, due to the failure of the Corporate Debtor (CD) to discharge its debt to the petitioner/FC, for which the respondent stood as Guarantor. The CD was already taken into CIRP. A demand notice was issued to the PG on 10.08.2020, demanding payment of Rs.71,47,35,477.90.
State Bank of India (SBI), acting as the Financial Creditor (FC), filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Individual Insolvency Resolution Process (IR Process) against Mr. Kondapalli Udayananda Reddy, who served as the Personal Guarantor (PG) for a Corporate Debtor (CD). The CD had failed to discharge its debt to SBI, leading to the invocation of the guarantee. The CD was already undergoing Corporate Insolvency Resolution Process (CIRP). A demand notice for Rs.71,47,35,477.90 was issued to the PG on 10.08.2020. 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 –
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A demand notice was issued to the Personal…
A Resolution Professiona…
The case pertains to an application filed by State Bank of India (Financial Creditor) under Section 95 of the Insolvency and Bankruptcy Code, 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 application seeks initiation of the Individual Insolvency Resolution Process (IR Process) against Mr. Kondapalli Udayananda Reddy, the Respondent/Personal Guarantor, due to the failure of the Corporate Debtor (CD) to discharge its debt to the petitioner/FC, for which the respondent stood as Guarantor. The CD was already taken into CIRP. A demand notice was issued to the PG on 10.08.2020, demanding payment of Rs.71,47,35,477.90.
State Bank of India (SBI), acting as the Financial Creditor (FC), filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Individual Insolvency Resolution Process (IR Process) against Mr. Kondapalli Udayananda Reddy, who served as the Personal Guarantor (PG) for a Corporate Debtor (CD). The CD had failed to discharge its debt to SBI, leading to the invocation of the guarantee. The CD was already undergoing Corporate Insolvency Resolution Process (CIRP). A demand notice for Rs.71,47,35,477.90 was issued to the PG on 10.08.2020. 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 –
…A demand notice was issued to the Personal…
A Resolution Professiona…