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 bank had granted 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. The outstanding debt as of 15.04.2011 was Rs. 167,56,23,293.24, with the total amount in default being Rs. 250,90,45,531.03.
State Bank of India granted credit facilities to Chadalavada Infratech Ltd, with T Yugandhar acting as the personal guarantor for Rs. 157.27 Crores as per the guarantee agreement dated 24.05.2014. The outstanding debt as of 15.04.2011 was Rs. 167,56,23,293.24, with a total default amount of Rs. 250,90,45,531.03. The bank initiated actions under the SARFAESI Act, 2002, and filed an application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993. The Corporate Insolvency Resolution Process was initiated against Chadalavada Infratech Limited under Section 7 of the IBC, 2016, and was admitted on 23.09.2021. A demand notice was issued to T Yugandhar on 21.10.2021, but he failed to repay the amount. The Resolution Professional recommended the admission of the
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Guarantee agreement…
Outstanding debt as on…
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 bank had granted 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. The outstanding debt as of 15.04.2011 was Rs. 167,56,23,293.24, with the total amount in default being Rs. 250,90,45,531.03.
State Bank of India granted credit facilities to Chadalavada Infratech Ltd, with T Yugandhar acting as the personal guarantor for Rs. 157.27 Crores as per the guarantee agreement dated 24.05.2014. The outstanding debt as of 15.04.2011 was Rs. 167,56,23,293.24, with a total default amount of Rs. 250,90,45,531.03. The bank initiated actions under the SARFAESI Act, 2002, and filed an application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993. The Corporate Insolvency Resolution Process was initiated against Chadalavada Infratech Limited under Section 7 of the IBC, 2016, and was admitted on 23.09.2021. A demand notice was issued to T Yugandhar on 21.10.2021, but he failed to repay the amount. The Resolution Professional recommended the admission of the
…Guarantee agreement…
Outstanding debt as on…