The petition was 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 & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The petition seeks an order for the initiation of the Insolvency Resolution Process against Shri A.N. Vijaya Raghavan, who is the Personal Guarantor of PPS Enviro Power Private Limited. The corporate debtor availed credit facilities amounting to Rs. 225.94 crores from the Financial Creditor/SBI and its associate banks.
State Bank of India (SBI), the Financial Creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. A.N. Vijaya Raghavan, the Personal Guarantor of PPS Enviro Power Private Limited (Corporate Debtor). The Corporate Debtor had availed credit facilities amounting to Rs. 225.94 crores from SBI and its associate banks. The Corporate Debtor defaulted on the repayment of the financial assistance, with an outstanding debt of Rs. 237,84,44,380.77 as of 06.12.2017. The accounts of the Corporate Debtor were classified as Non-Performing Asset (NPA) on 26.12.2015. A recall notice was issued to the Personal Guarantor on 11.10.2017, demanding payment by 21.10.2017, making the date of default 22.10.2017. The Financial Creditor issued a demand
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The petition was 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 & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The petition seeks an order for the initiation of the Insolvency Resolution Process against Shri A.N. Vijaya Raghavan, who is the Personal Guarantor of PPS Enviro Power Private Limited. The corporate debtor availed credit facilities amounting to Rs. 225.94 crores from the Financial Creditor/SBI and its associate banks.
State Bank of India (SBI), the Financial Creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. A.N. Vijaya Raghavan, the Personal Guarantor of PPS Enviro Power Private Limited (Corporate Debtor). The Corporate Debtor had availed credit facilities amounting to Rs. 225.94 crores from SBI and its associate banks. The Corporate Debtor defaulted on the repayment of the financial assistance, with an outstanding debt of Rs. 237,84,44,380.77 as of 06.12.2017. The accounts of the Corporate Debtor were classified as Non-Performing Asset (NPA) on 26.12.2015. A recall notice was issued to the Personal Guarantor on 11.10.2017, demanding payment by 21.10.2017, making the date of default 22.10.2017. The Financial Creditor issued a demand
…Accounts of the…
Recall notice issued to…