The State Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking initiation of the Insolvency Resolution Process against Smt. M Rajya Lakshmi, the Personal Guarantor of Chadalavada Infratech Ltd (Corporate Debtor). The bank had granted credit facilities to the Corporate Debtor, for which the Personal Guarantor stood as guarantor for Rs. 7.00 Crores vide guarantee agreement dated 15.02.2006. The outstanding debt as of 15.04.2011 was Rs. 167,56,23,293.24, with a total default amount of Rs. 250,90,45,531.03. The bank initiated actions under
…State Bank of India (SBI) extended credit facilities to Chadalavada Infratech Ltd, with M Rajya Lakshmi acting as the personal guarantor for a sum of Rs. 7.00 Crores based on a guarantee agreement dated 15.02.2006. The credit limits were subsequently enhanced, and M Rajya Lakshmi executed supplemental deeds of guarantee. As of 15.04.2011, the outstanding debt amounted to Rs. 167,56,23,293.24, and the total default was Rs. 250,90,45,531.03. SBI initiated actions under the SARFAESI Act, issuing a demand notice on 26.09.2017, and also filed an application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993. SBI also initiated Corporate Insolvency Resolution Process (CIRP) against Chadalavada Infratech Ltd under Section 7 of the IBC, which was admitted on
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Guarantee agreement…
Outstanding d…
The State Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking initiation of the Insolvency Resolution Process against Smt. M Rajya Lakshmi, the Personal Guarantor of Chadalavada Infratech Ltd (Corporate Debtor). The bank had granted credit facilities to the Corporate Debtor, for which the Personal Guarantor stood as guarantor for Rs. 7.00 Crores vide guarantee agreement dated 15.02.2006. The outstanding debt as of 15.04.2011 was Rs. 167,56,23,293.24, with a total default amount of Rs. 250,90,45,531.03. The bank initiated actions under
…State Bank of India (SBI) extended credit facilities to Chadalavada Infratech Ltd, with M Rajya Lakshmi acting as the personal guarantor for a sum of Rs. 7.00 Crores based on a guarantee agreement dated 15.02.2006. The credit limits were subsequently enhanced, and M Rajya Lakshmi executed supplemental deeds of guarantee. As of 15.04.2011, the outstanding debt amounted to Rs. 167,56,23,293.24, and the total default was Rs. 250,90,45,531.03. SBI initiated actions under the SARFAESI Act, issuing a demand notice on 26.09.2017, and also filed an application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993. SBI also initiated Corporate Insolvency Resolution Process (CIRP) against Chadalavada Infratech Ltd under Section 7 of the IBC, which was admitted on
…Guarantee agreement…
Outstanding d…