The case involves a company petition filed by State Bank of India (SBI), the Financial Creditor (FC), under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Process for Personal Guarantors to Corporate Debtors) Rules, 2019, seeking to initiate the Insolvency Resolution Process against Mr. P.V. Prabhakar Rao, the Personal Guarantor of the Corporate Debtor (CD), Prathyusha Resources & Infra Private Limited. The CD had availed working capital facilities from SBI, and the Respondent stood as guarantor. The FC filed the petition as the Personal Guarantor did not discharge the debt despite a demand notice. The CD's Corporate Insolvency Resolution
…The Corporate Debtor (CD), Prathyusha Resources & Infra Private Limited, availed working capital facilities of Rs. 50 Crores from State Bank of India (SBI), the Financial Creditor (FC), vide sanction letter dated 18.03.2011. An agreement of loan was executed on 24.03.2011. Mr. P.V. Prabhakar Rao, the Respondent, stood as guarantor for the credit facilities to an extent of Rs. 50 Crores and executed a deed of guarantee on 24.03.2011. The guarantee was a continuing guarantee. The FC enhanced the working capital facilities and renewed the cash credit limit to Rs. 70 Crores vide sanction letter dated 03.02.2012. A supplemental agreement of loan was dated 15.02.2012. A revival letter was executed on 07.01.2014 by both the CD and the Respondent. A restructuring sanction
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Working capital…
Agreement of Loan…
The case involves a company petition filed by State Bank of India (SBI), the Financial Creditor (FC), under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Process for Personal Guarantors to Corporate Debtors) Rules, 2019, seeking to initiate the Insolvency Resolution Process against Mr. P.V. Prabhakar Rao, the Personal Guarantor of the Corporate Debtor (CD), Prathyusha Resources & Infra Private Limited. The CD had availed working capital facilities from SBI, and the Respondent stood as guarantor. The FC filed the petition as the Personal Guarantor did not discharge the debt despite a demand notice. The CD's Corporate Insolvency Resolution
…The Corporate Debtor (CD), Prathyusha Resources & Infra Private Limited, availed working capital facilities of Rs. 50 Crores from State Bank of India (SBI), the Financial Creditor (FC), vide sanction letter dated 18.03.2011. An agreement of loan was executed on 24.03.2011. Mr. P.V. Prabhakar Rao, the Respondent, stood as guarantor for the credit facilities to an extent of Rs. 50 Crores and executed a deed of guarantee on 24.03.2011. The guarantee was a continuing guarantee. The FC enhanced the working capital facilities and renewed the cash credit limit to Rs. 70 Crores vide sanction letter dated 03.02.2012. A supplemental agreement of loan was dated 15.02.2012. A revival letter was executed on 07.01.2014 by both the CD and the Respondent. A restructuring sanction
…Working capital…
Agreement of Loan…