This case involves an application filed by 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 Subbarayudu (Personal Guarantor/Respondent No.1) 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. The Respondent No.1 stood as guarantor for the repayment of the loan, and Guarantee Deeds were executed between the Financial Creditor and Respondent No.1.
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 Subbarayudu (Personal Guarantor/Respondent No.1) 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 in the form of a cash credit and non-fund based limits vide sanction letter dated 31.01.2012, which was extended vide letter dated 29.02.2012. The Respondent No.1 stood guarantor for the repayment of the loan, and Guarantee Deeds dated 02.03.2010 and 28.02.2012 were executed between the Financial Creditor and Respondent No.1. The default in payment of debt occurred
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This case involves an application filed by 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 Subbarayudu (Personal Guarantor/Respondent No.1) 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. The Respondent No.1 stood as guarantor for the repayment of the loan, and Guarantee Deeds were executed between the Financial Creditor and Respondent No.1.
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 Subbarayudu (Personal Guarantor/Respondent No.1) 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 in the form of a cash credit and non-fund based limits vide sanction letter dated 31.01.2012, which was extended vide letter dated 29.02.2012. The Respondent No.1 stood guarantor for the repayment of the loan, and Guarantee Deeds dated 02.03.2010 and 28.02.2012 were executed between the Financial Creditor and Respondent No.1. The default in payment of debt occurred
…Date of the sanction…
Date of the…