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 Shri. T Devender, the Personal Guarantor of M/s. Chadalavada Infratech Ltd (Corporate Debtor). The Petitioner Bank had granted various credit facilities to the Corporate Debtor, for which the Personal Guarantor stood as a guarantor for Rs. 243.00 Crores. The credit limits were enhanced/modified, and the Personal Guarantor executed supplemental deed of guarantees and joined as a party to restructuring package agreement,
…The State Bank of India (Petitioner Bank) granted credit facilities to Chadalavada Infratech Ltd (Corporate Debtor), with Shri. T Devender acting as the Personal Guarantor for Rs. 243.00 Crores. The Personal Guarantor executed supplemental deeds of guarantee and joined a restructuring package agreement. The outstanding debt as of 15.04.2011 was Rs. 167,56,23,293.24, and the total amount in default was Rs. 250,90,45,531.03. The Petitioner Bank initiated action under SARFEASI Act, 2002, and filed an application under Section 19 of Recovery of Debts and Bankruptcy Act, 1993. The Petitioner Bank also initiated Corporate Insolvency Resolution Process against the Corporate Debtor, which was admitted on 23.09.2021. The Petitioner Bank issued a demand notice dated 21.10.2021
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The outstanding debt as…
Deed of Gua…
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 Shri. T Devender, the Personal Guarantor of M/s. Chadalavada Infratech Ltd (Corporate Debtor). The Petitioner Bank had granted various credit facilities to the Corporate Debtor, for which the Personal Guarantor stood as a guarantor for Rs. 243.00 Crores. The credit limits were enhanced/modified, and the Personal Guarantor executed supplemental deed of guarantees and joined as a party to restructuring package agreement,
…The State Bank of India (Petitioner Bank) granted credit facilities to Chadalavada Infratech Ltd (Corporate Debtor), with Shri. T Devender acting as the Personal Guarantor for Rs. 243.00 Crores. The Personal Guarantor executed supplemental deeds of guarantee and joined a restructuring package agreement. The outstanding debt as of 15.04.2011 was Rs. 167,56,23,293.24, and the total amount in default was Rs. 250,90,45,531.03. The Petitioner Bank initiated action under SARFEASI Act, 2002, and filed an application under Section 19 of Recovery of Debts and Bankruptcy Act, 1993. The Petitioner Bank also initiated Corporate Insolvency Resolution Process against the Corporate Debtor, which was admitted on 23.09.2021. The Petitioner Bank issued a demand notice dated 21.10.2021
…The outstanding debt as…
Deed of Gua…