The State Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against Shri. K Suresh Reddy, the Personal Guarantor of M/s. Chadalavada Infratech Ltd (Corporate Debtor). The Petitioner Bank had granted various credit facilities to the Corporate Debtor, for which the Personal Guarantor stood as a guarantor for Rs. 281.23 Crores. A restructuring package agreement was dated 03.02.2016, and a deed of guarantee was dated 08.02.2016. The outstanding debt as of the Non-Performing Account date 15.04.2011 was Rs. 167,56,23,293.24, and the total amount in default was Rs. 250,90,45,531.03. The Petitioner Bank initiated actions under SARFAESI Act, 2002 and Recovery of Debts and
…The State Bank of India (Petitioner) extended credit facilities to Chadalavada Infratech Ltd (Corporate Debtor), with Shri. K Suresh Reddy acting as the Personal Guarantor. The guarantee was for an amount of Rs. 281.23 Crores, formalized through a restructuring package agreement dated 03.02.2016 and a deed of guarantee dated 08.02.2016. The outstanding debt, as of 15.04.2011, was Rs. 167,56,23,293.24, with the total default amounting to Rs. 250,90,45,531.03. The Petitioner Bank initiated actions under the SARFAESI Act, 2002, and the Recovery of Debts and Bankruptcy Act, 1993. A demand notice was issued to Shri. K Suresh Reddy on 21.10.2021, demanding payment of the default amount. The Corporate Insolvency Resolution Process against Chadalavada Infratech Ltd was
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The State Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against Shri. K Suresh Reddy, the Personal Guarantor of M/s. Chadalavada Infratech Ltd (Corporate Debtor). The Petitioner Bank had granted various credit facilities to the Corporate Debtor, for which the Personal Guarantor stood as a guarantor for Rs. 281.23 Crores. A restructuring package agreement was dated 03.02.2016, and a deed of guarantee was dated 08.02.2016. The outstanding debt as of the Non-Performing Account date 15.04.2011 was Rs. 167,56,23,293.24, and the total amount in default was Rs. 250,90,45,531.03. The Petitioner Bank initiated actions under SARFAESI Act, 2002 and Recovery of Debts and
…The State Bank of India (Petitioner) extended credit facilities to Chadalavada Infratech Ltd (Corporate Debtor), with Shri. K Suresh Reddy acting as the Personal Guarantor. The guarantee was for an amount of Rs. 281.23 Crores, formalized through a restructuring package agreement dated 03.02.2016 and a deed of guarantee dated 08.02.2016. The outstanding debt, as of 15.04.2011, was Rs. 167,56,23,293.24, with the total default amounting to Rs. 250,90,45,531.03. The Petitioner Bank initiated actions under the SARFAESI Act, 2002, and the Recovery of Debts and Bankruptcy Act, 1993. A demand notice was issued to Shri. K Suresh Reddy on 21.10.2021, demanding payment of the default amount. The Corporate Insolvency Resolution Process against Chadalavada Infratech Ltd was
…The account was classified as a…
A restructuring package agreement was…