The case involves an application for bankruptcy against Mr. M. Laxmi Narayana Reddy, the personal guarantor of M/s. Vishwa Infrastructures and Services Private Limited. State Bank of India, the financial creditor, filed the application after the corporate debtor availed various credit facilities and subsequently defaulted on repayment. Despite restructuring efforts, the debt was declared a Non-Performing Asset (NPA). The financial creditor initiated actions under the SARFAESI Act and filed OA.No. 559 of 2018 before the Debt Recovery Tribunal. The corporate debtor was admitted into Corporate Insolvency Resolution Process (CIRP) and later liquidation. The personal guarantor's resolution process failed, leading to the creditor filing a bankruptcy application.
State Bank of India (SBI) extended credit facilities to Vishwa Infrastructures and Services Private Limited, for which Mr. M. Laxmi Narayana Reddy acted as the personal guarantor. The corporate debtor defaulted on its repayment obligations, leading to the account being classified as a Non-Performing Asset (NPA) on 01.10.2013. SBI initiated recovery proceedings under the SARFAESI Act and filed OA.No. 559 of 2018 before the Debt Recovery Tribunal. The corporate debtor was admitted into CIRP on 31.08.2018 and subsequently into liquidation on 14.06.2019. The personal guarantor's resolution process failed, and SBI filed CP(IB) No. 312/95/HDB/2021 under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate bankruptcy proceedings against the personal
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The debt was declared…
Respondent No.2/ Corporate Debtor admitted into…
The case involves an application for bankruptcy against Mr. M. Laxmi Narayana Reddy, the personal guarantor of M/s. Vishwa Infrastructures and Services Private Limited. State Bank of India, the financial creditor, filed the application after the corporate debtor availed various credit facilities and subsequently defaulted on repayment. Despite restructuring efforts, the debt was declared a Non-Performing Asset (NPA). The financial creditor initiated actions under the SARFAESI Act and filed OA.No. 559 of 2018 before the Debt Recovery Tribunal. The corporate debtor was admitted into Corporate Insolvency Resolution Process (CIRP) and later liquidation. The personal guarantor's resolution process failed, leading to the creditor filing a bankruptcy application.
State Bank of India (SBI) extended credit facilities to Vishwa Infrastructures and Services Private Limited, for which Mr. M. Laxmi Narayana Reddy acted as the personal guarantor. The corporate debtor defaulted on its repayment obligations, leading to the account being classified as a Non-Performing Asset (NPA) on 01.10.2013. SBI initiated recovery proceedings under the SARFAESI Act and filed OA.No. 559 of 2018 before the Debt Recovery Tribunal. The corporate debtor was admitted into CIRP on 31.08.2018 and subsequently into liquidation on 14.06.2019. The personal guarantor's resolution process failed, and SBI filed CP(IB) No. 312/95/HDB/2021 under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate bankruptcy proceedings against the personal
…The debt was declared…
Respondent No.2/ Corporate Debtor admitted into…