The State Bank of India (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 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, seeking initiation of the Insolvency Resolution Process against Shri Badri Kasturi, 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. The corporate debtor is the principal borrower and personal guarantor, standing as guarantor to secure the repayment of the financial assistance. The outstanding debt as of 2017-12-06
…The State Bank of India (SBI), acting as the Financial Creditor, extended credit facilities amounting to Rs. 225.94 crores to PPS Enviro Power Private Limited, the Corporate Debtor. These facilities were availed over time, with SBI and its associate banks, including the erstwhile State Bank of Travancore, participating. The Corporate Debtor, also acting as the Personal Guarantor, provided guarantees to secure the repayment of the financial assistance. As of 2017-12-06, the outstanding debt amounted to Rs. 237,84,44,380.77, including interest and other costs. The Corporate Debtor's accounts were classified as Non-Performing Asset (NPA) on 2015-12-26. A recall notice was issued to the Personal Guarantor on 2017-10-11, demanding payment by 2017-10-21, leading to a default
…Sign in to view the parties.
The accounts of the…
A recall notice was issued to the Personal…
The State Bank of India (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 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, seeking initiation of the Insolvency Resolution Process against Shri Badri Kasturi, 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. The corporate debtor is the principal borrower and personal guarantor, standing as guarantor to secure the repayment of the financial assistance. The outstanding debt as of 2017-12-06
…The State Bank of India (SBI), acting as the Financial Creditor, extended credit facilities amounting to Rs. 225.94 crores to PPS Enviro Power Private Limited, the Corporate Debtor. These facilities were availed over time, with SBI and its associate banks, including the erstwhile State Bank of Travancore, participating. The Corporate Debtor, also acting as the Personal Guarantor, provided guarantees to secure the repayment of the financial assistance. As of 2017-12-06, the outstanding debt amounted to Rs. 237,84,44,380.77, including interest and other costs. The Corporate Debtor's accounts were classified as Non-Performing Asset (NPA) on 2015-12-26. A recall notice was issued to the Personal Guarantor on 2017-10-11, demanding payment by 2017-10-21, leading to a default
…The accounts of the…
A recall notice was issued to the Personal…