This case involves a petition filed by the State Bank of India under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against Mr. T V Subbaiah, 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. 7.00 Crores via a guarantee agreement dated 15.02.2006. The credit limits were enhanced/modified over time, with the Personal Guarantor executing supplemental deeds of guarantee and joining as a party to restructuring agreements. The outstanding debt as of the Non-Performing Account date (15.04.2011) was Rs. 167,56,23,293.24, with a total default
…The State Bank of India (Petitioner) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process (IRP) against Mr. T V Subbaiah (Personal Guarantor) of M/s. Chadalavada Infratech Ltd (Corporate Debtor). The Petitioner had extended credit facilities to the Corporate Debtor, with Mr. Subbaiah acting as a guarantor for Rs. 7.00 Crores since 15.02.2006. The guarantee was reinforced through supplemental deeds and restructuring agreements. As of 15.04.2011, the outstanding debt was Rs. 167,56,23,293.24, escalating to a total default of Rs. 250,90,45,531.03. The Petitioner initiated actions under SARFAESI Act, 2002, and the Recovery of Debts and Bankruptcy Act, 1993. A separate CIRP was initiated against
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Guarantee agreement…
Account declared as…
This case involves a petition filed by the State Bank of India under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against Mr. T V Subbaiah, 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. 7.00 Crores via a guarantee agreement dated 15.02.2006. The credit limits were enhanced/modified over time, with the Personal Guarantor executing supplemental deeds of guarantee and joining as a party to restructuring agreements. The outstanding debt as of the Non-Performing Account date (15.04.2011) was Rs. 167,56,23,293.24, with a total default
…The State Bank of India (Petitioner) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process (IRP) against Mr. T V Subbaiah (Personal Guarantor) of M/s. Chadalavada Infratech Ltd (Corporate Debtor). The Petitioner had extended credit facilities to the Corporate Debtor, with Mr. Subbaiah acting as a guarantor for Rs. 7.00 Crores since 15.02.2006. The guarantee was reinforced through supplemental deeds and restructuring agreements. As of 15.04.2011, the outstanding debt was Rs. 167,56,23,293.24, escalating to a total default of Rs. 250,90,45,531.03. The Petitioner initiated actions under SARFAESI Act, 2002, and the Recovery of Debts and Bankruptcy Act, 1993. A separate CIRP was initiated against
…Guarantee agreement…
Account declared as…