The State Bank of India filed a petition against Mrs. Tadisetti Amala, the personal guarantor, and Ethnic Spices Private Limited, the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, targeting the personal guarantor of the corporate debtor. The court treated the application as filed only against the personal guarantor, with the corporate debtor formally added.
The State Bank of India (SBI), acting as the financial creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Mrs. Tadisetti Amala, the personal guarantor, and Ethnic Spices Private Limited, the corporate debtor. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP). Ethnic Spices Private Limited had availed credit facilities from SBI, with Mrs. Tadisetti Amala acting as the personal guarantor for these facilities. The total credit facilities amounted to Rs. 40.00 lakhs, comprising both CC and SLC limits. The court treated the application as being primarily against the personal guarantor, Mrs. Tadisetti Amala, with Ethnic Spices Private Limited formally added as a respondent. The court
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The State Bank of India filed a petition against Mrs. Tadisetti Amala, the personal guarantor, and Ethnic Spices Private Limited, the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, targeting the personal guarantor of the corporate debtor. The court treated the application as filed only against the personal guarantor, with the corporate debtor formally added.
The State Bank of India (SBI), acting as the financial creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, against Mrs. Tadisetti Amala, the personal guarantor, and Ethnic Spices Private Limited, the corporate debtor. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP). Ethnic Spices Private Limited had availed credit facilities from SBI, with Mrs. Tadisetti Amala acting as the personal guarantor for these facilities. The total credit facilities amounted to Rs. 40.00 lakhs, comprising both CC and SLC limits. The court treated the application as being primarily against the personal guarantor, Mrs. Tadisetti Amala, with Ethnic Spices Private Limited formally added as a respondent. The court
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