The case pertains to a petition filed by Badveli Sreedhara Reddy (Personal Guarantor) under Section 94 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6(1) 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.
Badveli Sreedhara Reddy filed a petition under Section 94 of IBC as a personal guarantor.
The petition relates to a personal guarantee given for M/s Southern Online Biotechnologies Limited.
The Corporate Debtor, Southern Online Biotechnologies Limited, underwent CIRP and was subsequently liquidated.
The Corporate Debtor was sold as a going concern during liquidation.
Financial creditors invoked the personal guarantee extended by Badveli Sreedhara Reddy.
The Resolution Professional recommended accepting the application for initiating the Insolvency Resolution Process.
The Tribunal granted interim-moratorium and appointed Mr. Maligi Madhusudhana Reddy as Interim Resolution Professional on 29.09.2021.
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Orders pronounced vide separate orders in…
Tribunal vide order dated 29.09.2021 has granted…
The case pertains to a petition filed by Badveli Sreedhara Reddy (Personal Guarantor) under Section 94 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6(1) 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.
Badveli Sreedhara Reddy filed a petition under Section 94 of IBC as a personal guarantor.
The petition relates to a personal guarantee given for M/s Southern Online Biotechnologies Limited.
The Corporate Debtor, Southern Online Biotechnologies Limited, underwent CIRP and was subsequently liquidated.
The Corporate Debtor was sold as a going concern during liquidation.
Financial creditors invoked the personal guarantee extended by Badveli Sreedhara Reddy.
The Resolution Professional recommended accepting the application for initiating the Insolvency Resolution Process.
The Tribunal granted interim-moratorium and appointed Mr. Maligi Madhusudhana Reddy as Interim Resolution Professional on 29.09.2021.
…Orders pronounced vide separate orders in…
Tribunal vide order dated 29.09.2021 has granted…