The State Bank of India (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency & 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 Shri Satyan Kasturi, the Personal Guarantor of PPS Enviro Power Private Limited. The Corporate Debtor had availed credit facilities amounting to Rs. 225.94 crores from the Financial Creditor/SBI and its associate banks. The accounts of the Corporate Debtor were classified as Non-Performing Asset (NPA) on 26.12.2015. A recall notice was issued to the Personal Guarantor on 11.10.2017, demanding payment
…The State Bank of India (SBI), acting as the Financial Creditor, extended credit facilities amounting to Rs. 225.94 crores to PPS Enviro Power Private Limited, the Corporate Debtor. Shri Satyan Kasturi acted as the Personal Guarantor for these credit facilities. Due to defaults in repayment, the Corporate Debtor's accounts were classified as Non-Performing Asset (NPA) on 26.12.2015. SBI issued a recall notice to Shri Satyan Kasturi on 11.10.2017, demanding payment of the outstanding amounts. SBI also initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 7 of the IBC, which was admitted on 13.08.2019. Subsequently, SBI issued a demand notice to Shri Satyan Kasturi on 23.09.2020, seeking payment of the defaulted amount, but
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The accounts of the…
A recall notice was issued to the Personal…
The State Bank of India (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency & 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 Shri Satyan Kasturi, the Personal Guarantor of PPS Enviro Power Private Limited. The Corporate Debtor had availed credit facilities amounting to Rs. 225.94 crores from the Financial Creditor/SBI and its associate banks. The accounts of the Corporate Debtor were classified as Non-Performing Asset (NPA) on 26.12.2015. A recall notice was issued to the Personal Guarantor on 11.10.2017, demanding payment
…The State Bank of India (SBI), acting as the Financial Creditor, extended credit facilities amounting to Rs. 225.94 crores to PPS Enviro Power Private Limited, the Corporate Debtor. Shri Satyan Kasturi acted as the Personal Guarantor for these credit facilities. Due to defaults in repayment, the Corporate Debtor's accounts were classified as Non-Performing Asset (NPA) on 26.12.2015. SBI issued a recall notice to Shri Satyan Kasturi on 11.10.2017, demanding payment of the outstanding amounts. SBI also initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 7 of the IBC, which was admitted on 13.08.2019. Subsequently, SBI issued a demand notice to Shri Satyan Kasturi on 23.09.2020, seeking payment of the defaulted amount, but
…The accounts of the…
A recall notice was issued to the Personal…