The State Bank of India, acting as the Financial Creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency & 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 Vuppalapati Venkata Rama Rao, the Personal Guarantor of M/s VMC Systems Limited. The petitioner, along with other lenders under consortium, had sanctioned fund-based and non-fund-based credit facilities to the Corporate Debtor, which were renewed periodically. The last renewal was made through a sanction letter dated 21.03.2013. The Corporate Debtor defaulted on repayments, leading
…The State Bank of India (Financial Creditor) sanctioned credit facilities to M/s VMC Systems Limited (Corporate Debtor), with Shri Vuppalapati Venkata Rama Rao acting as the Personal Guarantor. The total credit facilities amounted to Rs. 393.97 crores, including fund-based (FB) and non-fund-based (NFB) facilities. The Corporate Debtor defaulted in repaying the loan amounts, leading to the account being classified as a Non-Performing Asset (NPA) on 23.01.2014. The Financial Creditor initiated recovery proceedings under the SARFAESI Act, 2002, and obtained a decree and Recovery Certificate from the Debt Recovery Tribunal-II (DRT-II) on 31.10.2017. The outstanding amount in default was Rs. 837,14,68,122.93. The Financial Creditor also initiated Corporate Insolvency
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Last renewal to the credit facilities limits was…
The BG was invoked as the Corporate Debtor…
The State Bank of India, acting as the Financial Creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency & 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 Vuppalapati Venkata Rama Rao, the Personal Guarantor of M/s VMC Systems Limited. The petitioner, along with other lenders under consortium, had sanctioned fund-based and non-fund-based credit facilities to the Corporate Debtor, which were renewed periodically. The last renewal was made through a sanction letter dated 21.03.2013. The Corporate Debtor defaulted on repayments, leading
…The State Bank of India (Financial Creditor) sanctioned credit facilities to M/s VMC Systems Limited (Corporate Debtor), with Shri Vuppalapati Venkata Rama Rao acting as the Personal Guarantor. The total credit facilities amounted to Rs. 393.97 crores, including fund-based (FB) and non-fund-based (NFB) facilities. The Corporate Debtor defaulted in repaying the loan amounts, leading to the account being classified as a Non-Performing Asset (NPA) on 23.01.2014. The Financial Creditor initiated recovery proceedings under the SARFAESI Act, 2002, and obtained a decree and Recovery Certificate from the Debt Recovery Tribunal-II (DRT-II) on 31.10.2017. The outstanding amount in default was Rs. 837,14,68,122.93. The Financial Creditor also initiated Corporate Insolvency
…Last renewal to the credit facilities limits was…
The BG was invoked as the Corporate Debtor…