The case pertains to an application filed by the State Bank of India (Financial Creditor) under Section 95(1) 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, to initiate the Insolvency Resolution Process against Mr. Thota Chandrakanth (Personal Guarantor/Respondent No.1) of M/s. Turbo Machinery Engineering Industries Limited (Corporate Debtor). The Corporate Debtor had availed credit facilities of Rs. 40,36,00,000/- from the Financial Creditor. The Respondent No.1 stood as guarantor for the repayment of the loan, and Guarantee Deeds were executed. The Corporate Debtor was put into
…The State Bank of India (Financial Creditor) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Thota Chandrakanth (Personal Guarantor) of M/s. Turbo Machinery Engineering Industries Limited (Corporate Debtor). The Corporate Debtor availed credit facilities of Rs. 40,36,00,000/- from the Financial Creditor, with Mr. Thota Chandrakanth acting as guarantor. The default in payment occurred on 30.06.2013. The Corporate Debtor was put into liquidation on 06.11.2019. The Financial Creditor received a partial payment of Rs. 8,17,18,639.87/- through auction. A demand notice dated 11.08.2021 was issued to the Respondent No.1, but the amount was not paid. The Financial Creditor also
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Guarantee Deeds dated 02.03.2010 were…
Sanction letter dated…
The case pertains to an application filed by the State Bank of India (Financial Creditor) under Section 95(1) 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, to initiate the Insolvency Resolution Process against Mr. Thota Chandrakanth (Personal Guarantor/Respondent No.1) of M/s. Turbo Machinery Engineering Industries Limited (Corporate Debtor). The Corporate Debtor had availed credit facilities of Rs. 40,36,00,000/- from the Financial Creditor. The Respondent No.1 stood as guarantor for the repayment of the loan, and Guarantee Deeds were executed. The Corporate Debtor was put into
…The State Bank of India (Financial Creditor) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Thota Chandrakanth (Personal Guarantor) of M/s. Turbo Machinery Engineering Industries Limited (Corporate Debtor). The Corporate Debtor availed credit facilities of Rs. 40,36,00,000/- from the Financial Creditor, with Mr. Thota Chandrakanth acting as guarantor. The default in payment occurred on 30.06.2013. The Corporate Debtor was put into liquidation on 06.11.2019. The Financial Creditor received a partial payment of Rs. 8,17,18,639.87/- through auction. A demand notice dated 11.08.2021 was issued to the Respondent No.1, but the amount was not paid. The Financial Creditor also
…Guarantee Deeds dated 02.03.2010 were…
Sanction letter dated…