The case involves an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) r/w Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019 and regulation 4(2) of IBBI Regulations, 2019 for initiating the Insolvency Resolution Process against the personal guarantor, Mr. Surapaneni Ramesh, of Abir Infrastructure Private Limited. The corporate debtor was admitted under CIRP by the National Company Law Tribunal, New Delhi Bench vide order dated 30.01.2019 passed in (IB) No. 893/ND/2018, which is currently pending.
Abir Infrastructure Private Limited (Corporate Debtor) owes Rs. 107,17,64,543.15 to State Bank of India (Financial Creditor) as of 09.11.2017. The default occurred due to non-payment by the personal guarantor, Mr. Surapaneni Ramesh, on 10.11.2017. Mr. Surapaneni Ramesh executed deeds of guarantee on 17.09.2013 in favor of the Applicant to secure the repayment of the amount of the Credit Facilities of the corporate debtor. The Applicant Bank issued a Demand Notice in Form B on 28.10.2020 under Rule 7(1) of the IB Rules, 2019, but received no response. The Corporate Debtor was admitted under CIRP by the National Company Law Tribunal, New Delhi Bench vide order dated 30.01.2019 passed in (IB) No. 893/ND/2018, which is currently pending.
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The guarantor, Mr. Surapaneni Ramesh, executed…
Total maximum debt of Rs107,17,64,543.15 due and…
The case involves an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) r/w Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019 and regulation 4(2) of IBBI Regulations, 2019 for initiating the Insolvency Resolution Process against the personal guarantor, Mr. Surapaneni Ramesh, of Abir Infrastructure Private Limited. The corporate debtor was admitted under CIRP by the National Company Law Tribunal, New Delhi Bench vide order dated 30.01.2019 passed in (IB) No. 893/ND/2018, which is currently pending.
Abir Infrastructure Private Limited (Corporate Debtor) owes Rs. 107,17,64,543.15 to State Bank of India (Financial Creditor) as of 09.11.2017. The default occurred due to non-payment by the personal guarantor, Mr. Surapaneni Ramesh, on 10.11.2017. Mr. Surapaneni Ramesh executed deeds of guarantee on 17.09.2013 in favor of the Applicant to secure the repayment of the amount of the Credit Facilities of the corporate debtor. The Applicant Bank issued a Demand Notice in Form B on 28.10.2020 under Rule 7(1) of the IB Rules, 2019, but received no response. The Corporate Debtor was admitted under CIRP by the National Company Law Tribunal, New Delhi Bench vide order dated 30.01.2019 passed in (IB) No. 893/ND/2018, which is currently pending.
The guarantor, Mr. Surapaneni Ramesh, executed…
Total maximum debt of Rs107,17,64,543.15 due and…