State Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Mr. P.V. Prabhakar Rao, the Personal Guarantor of Pratuysha Resources & Infra Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed working capital facilities from the Petitioner/Financial Creditor, with an initial agreement for Rs.50 Crores on 24.03.2011, later enhanced to Rs.70 Crores on 03.02.2012. The Respondent stood as a Personal Guarantor and executed a Supplement Deed of Guarantee dated 15.02.2012. Despite reminders, the Corporate Debtor failed to repay the outstanding debt. An Original Appeal was filed before the Debt Recovery Tribunal – I, Chennai, on 15.12.2017, which is pending.

State Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Mr. P.V. Prabhakar Rao, the Personal Guarantor of Pratuysha Resources & Infra Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed working capital facilities from the Petitioner/Financial Creditor, with an initial agreement for Rs.50 Crores on 24.03.2011, later enhanced to Rs.70 Crores on 03.02.2012. The Respondent stood as a Personal Guarantor and executed a Supplement Deed of Guarantee dated 15.02.2012. Despite reminders, the Corporate Debtor failed to repay the outstanding debt. An Original Appeal was filed before the Debt Recovery Tribunal – I, Chennai, on 15.12.2017, which is pending.