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 Sri Ganesh, 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. 157.27 Crores under a guarantee agreement dated 2014-05-24. The credit limits were later enhanced/modified, and the Personal Guarantor executed supplemental deeds of guarantee and joined a restructuring package
…State Bank of India (SBI) extended credit facilities to Chadalavada Infratech Ltd, with Mr. T. Sri Ganesh acting as the personal guarantor for a sum of Rs. 157.27 Crores, as per a guarantee agreement dated 2014-05-24. Subsequent enhancements and modifications to the credit limits led to the execution of supplemental guarantee deeds by Mr. Ganesh, who also became a party to a restructuring package agreement. The agreement stipulated that the guarantee was continuous, irrevocable, and enforceable, irrespective of any disputes between SBI and the borrower. As of 2011-04-15, the account was classified as a Non-Performing Asset (NPA), with an outstanding debt of Rs. 167,56,23,293.24, which, inclusive of interest, escalated to Rs. 250,90,45,531.03. SBI initiated recovery
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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 Sri Ganesh, 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. 157.27 Crores under a guarantee agreement dated 2014-05-24. The credit limits were later enhanced/modified, and the Personal Guarantor executed supplemental deeds of guarantee and joined a restructuring package
…State Bank of India (SBI) extended credit facilities to Chadalavada Infratech Ltd, with Mr. T. Sri Ganesh acting as the personal guarantor for a sum of Rs. 157.27 Crores, as per a guarantee agreement dated 2014-05-24. Subsequent enhancements and modifications to the credit limits led to the execution of supplemental guarantee deeds by Mr. Ganesh, who also became a party to a restructuring package agreement. The agreement stipulated that the guarantee was continuous, irrevocable, and enforceable, irrespective of any disputes between SBI and the borrower. As of 2011-04-15, the account was classified as a Non-Performing Asset (NPA), with an outstanding debt of Rs. 167,56,23,293.24, which, inclusive of interest, escalated to Rs. 250,90,45,531.03. SBI initiated recovery
…Account decla…
Deed of Guarantee…