The State Bank of India (Financial Creditor) filed a petition against Ms. N. Amulya Krishna (Personal Guarantor/Respondent) to initiate Corporate Insolvency Resolution Process (CIRP) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The application pertains to the personal guarantee provided by the respondent for the working capital facilities availed by M/s. Prathyusha Resources & Infra Private Limited (Corporate Debtor). The Corporate Debtor defaulted on repayment despite reminders, leading to the filing of an Original Application before the Debt Recovery Tribunal, which is currently pending. An OTS (One Time Settlement) was sanctioned but failed to materialize. Subsequently, a Section 7 petition was filed and admitted by the Tribunal.
The Corporate Debtor, M/s. Prathyusha Resources & Infra Private Limited, availed working capital facilities from the State Bank of India (Applicant). The Applicant and Corporate Debtor executed an 'Agreement of Loan for Overall Limit' on 2011-03-24, granting Rs. 50 Crores. Ms. N. Amulya Krishna (Respondent) stood as a Personal Guarantor and executed a Deed of Guarantee on 2011-03-24. The Applicant enhanced the working capital facilities to Rs. 70 Crores via a sanction letter dated 2012-02-03. A Supplement Agreement of Loan for Increase in overall limit was executed on 2012-02-15, with the Respondent continuing as Personal Guarantor. The Corporate Debtor failed to repay the outstanding debt. On 2017-12-15, the Applicant filed an Original Appeal against the Corporate
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Applicant executed the 'Agreement of Loan for…
The Applicant enhanced the working capital…
The State Bank of India (Financial Creditor) filed a petition against Ms. N. Amulya Krishna (Personal Guarantor/Respondent) to initiate Corporate Insolvency Resolution Process (CIRP) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The application pertains to the personal guarantee provided by the respondent for the working capital facilities availed by M/s. Prathyusha Resources & Infra Private Limited (Corporate Debtor). The Corporate Debtor defaulted on repayment despite reminders, leading to the filing of an Original Application before the Debt Recovery Tribunal, which is currently pending. An OTS (One Time Settlement) was sanctioned but failed to materialize. Subsequently, a Section 7 petition was filed and admitted by the Tribunal.
The Corporate Debtor, M/s. Prathyusha Resources & Infra Private Limited, availed working capital facilities from the State Bank of India (Applicant). The Applicant and Corporate Debtor executed an 'Agreement of Loan for Overall Limit' on 2011-03-24, granting Rs. 50 Crores. Ms. N. Amulya Krishna (Respondent) stood as a Personal Guarantor and executed a Deed of Guarantee on 2011-03-24. The Applicant enhanced the working capital facilities to Rs. 70 Crores via a sanction letter dated 2012-02-03. A Supplement Agreement of Loan for Increase in overall limit was executed on 2012-02-15, with the Respondent continuing as Personal Guarantor. The Corporate Debtor failed to repay the outstanding debt. On 2017-12-15, the Applicant filed an Original Appeal against the Corporate
…Applicant executed the 'Agreement of Loan for…
The Applicant enhanced the working capital…