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 Yugandhar, the Personal Guarantor of M/s. Chadalavada Infratech Ltd. The Petitioner Bank had granted various credit facilities to the Corporate Debtor, for which the Personal Guarantor stood as a guarantor for Rs. 157.27 Crores under a guarantee agreement dated 24.05.2014. When the credit limits were enhanced/modified, the Personal Guarantor executed supplemental deeds of guarantee and joined as a party to a
…State Bank of India (SBI) granted credit facilities to Chadalavada Infratech Ltd, for which T. Yugandhar stood as a personal guarantor. The guarantee agreement was initially for Rs. 157.27 Crores, dated 24.05.2014. When the credit limits were modified, T. Yugandhar 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. SBI initiated actions under the SARFAESI Act, 2002, and filed an application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993. SBI also filed an application under Section 7 of the IBC against Chadalavada Infratech Ltd, which was admitted on 23.09.2021. SBI issued a demand notice to T.
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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 Yugandhar, the Personal Guarantor of M/s. Chadalavada Infratech Ltd. The Petitioner Bank had granted various credit facilities to the Corporate Debtor, for which the Personal Guarantor stood as a guarantor for Rs. 157.27 Crores under a guarantee agreement dated 24.05.2014. When the credit limits were enhanced/modified, the Personal Guarantor executed supplemental deeds of guarantee and joined as a party to a
…State Bank of India (SBI) granted credit facilities to Chadalavada Infratech Ltd, for which T. Yugandhar stood as a personal guarantor. The guarantee agreement was initially for Rs. 157.27 Crores, dated 24.05.2014. When the credit limits were modified, T. Yugandhar 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. SBI initiated actions under the SARFAESI Act, 2002, and filed an application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993. SBI also filed an application under Section 7 of the IBC against Chadalavada Infratech Ltd, which was admitted on 23.09.2021. SBI issued a demand notice to T.
…Guarantee agreement…
Personal Guarantor…