The case pertains to an application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The erstwhile Industrial Development Bank of India (IDBI) had granted term loans to Torus India Limited (Respondent No. 2). Mr. Kosaraju S. Ramarao (Respondent No. 1) executed personal guarantees in favor of IDBI Bank for these term loans. The Central Government constituted Stressed Assets Stabilization Fund (SASF) to acquire stressed assets of IDBI. IDBI transferred the facilities granted to Respondent No. 2 to SASF.
IDBI granted term loans to Torus India Limited (Respondent No. 2). Mr. Kosaraju S. Ramarao (Respondent No. 1) provided personal guarantees for these loans. IDBI transferred these loans to Stressed Assets Stabilization Fund (SASF). Torus India Limited defaulted on the loan payments. SASF, as the financial creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, for initiating the insolvency resolution process against the personal guarantor. The application was deemed complete by the NCLT Amaravati Bench.
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The Central Government constituted Stressed…
IDBI transferred the…
The case pertains to an application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The erstwhile Industrial Development Bank of India (IDBI) had granted term loans to Torus India Limited (Respondent No. 2). Mr. Kosaraju S. Ramarao (Respondent No. 1) executed personal guarantees in favor of IDBI Bank for these term loans. The Central Government constituted Stressed Assets Stabilization Fund (SASF) to acquire stressed assets of IDBI. IDBI transferred the facilities granted to Respondent No. 2 to SASF.
IDBI granted term loans to Torus India Limited (Respondent No. 2). Mr. Kosaraju S. Ramarao (Respondent No. 1) provided personal guarantees for these loans. IDBI transferred these loans to Stressed Assets Stabilization Fund (SASF). Torus India Limited defaulted on the loan payments. SASF, as the financial creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, for initiating the insolvency resolution process against the personal guarantor. The application was deemed complete by the NCLT Amaravati Bench.
The Central Government constituted Stressed…
IDBI transferred the…