The State Bank of India filed a petition against N. Amulya Krishna, the personal guarantor of Prathyusha Resources & Infra Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The application was filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The corporate debtor had availed working capital facilities from the applicant, with the respondent acting as a personal guarantor. Despite reminders, the corporate debtor failed to repay the outstanding debt. The applicant had previously filed an Original Appeal against the corporate debtor before the Debt Recovery Tribunal, which is still pending. An OTS (One Time Settlement) was sanctioned but failed to materialize.
State Bank of India (SBI) filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Ms. N. Amulya Krishna, who is the personal guarantor for Prathyusha Resources & Infra Private Limited. Prathyusha Resources & Infra Private Limited had availed working capital facilities from SBI. Ms. Krishna stood as a personal guarantor and executed a Deed of Guarantee on 2011-03-24. SBI enhanced the working capital facilities and renewed the cash credit limit to Rs.70 Crores on 2012-02-03. A Supplement Agreement of Loan for Increase in overall limit was executed on 2012-02-15. The corporate debtor failed to repay the outstanding debt despite reminders. SBI filed an Original Appeal against the Corporate Debtor before the Debt Recovery
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The Respondent, Ms. N. Amulya Krishna,…
State Bank of India enhanced the working…
The State Bank of India filed a petition against N. Amulya Krishna, the personal guarantor of Prathyusha Resources & Infra Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The application was filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The corporate debtor had availed working capital facilities from the applicant, with the respondent acting as a personal guarantor. Despite reminders, the corporate debtor failed to repay the outstanding debt. The applicant had previously filed an Original Appeal against the corporate debtor before the Debt Recovery Tribunal, which is still pending. An OTS (One Time Settlement) was sanctioned but failed to materialize.
State Bank of India (SBI) filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Ms. N. Amulya Krishna, who is the personal guarantor for Prathyusha Resources & Infra Private Limited. Prathyusha Resources & Infra Private Limited had availed working capital facilities from SBI. Ms. Krishna stood as a personal guarantor and executed a Deed of Guarantee on 2011-03-24. SBI enhanced the working capital facilities and renewed the cash credit limit to Rs.70 Crores on 2012-02-03. A Supplement Agreement of Loan for Increase in overall limit was executed on 2012-02-15. The corporate debtor failed to repay the outstanding debt despite reminders. SBI filed an Original Appeal against the Corporate Debtor before the Debt Recovery
…The Respondent, Ms. N. Amulya Krishna,…
State Bank of India enhanced the working…