State Bank of India filed a petition under Section 95 of the IBC against Sri Kalvakuntla Sudhir Rao, the personal guarantor of M/s Pioneer Gas Power Limited, seeking initiation of Personal Insolvency Resolution Process (PIRP).
State Bank of India (SBI) filed a petition under Section 95 of the IBC against Sri Kalvakuntla Sudhir Rao, the personal guarantor of M/s Pioneer Gas Power Limited.
M/s Pioneer Gas Power Limited availed various credit facilities from SBI, including term loans and cash credit facilities.
The Corporate Debtor defaulted in repayment, leading to the account being classified as a Non-Performing Asset (NPA) on 28.06.2017.
SBI issued a recall notice on 11.08.2021 to the Corporate Debtor and the Personal Guarantor, demanding repayment.
The Personal Guarantor failed to discharge the outstanding amounts despite receiving the recall notice.
The Resolution Professional (RP) recommended the admission of the application.
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The Corporate Debtor's…
The Corporate Debtor…
State Bank of India filed a petition under Section 95 of the IBC against Sri Kalvakuntla Sudhir Rao, the personal guarantor of M/s Pioneer Gas Power Limited, seeking initiation of Personal Insolvency Resolution Process (PIRP).
State Bank of India (SBI) filed a petition under Section 95 of the IBC against Sri Kalvakuntla Sudhir Rao, the personal guarantor of M/s Pioneer Gas Power Limited.
M/s Pioneer Gas Power Limited availed various credit facilities from SBI, including term loans and cash credit facilities.
The Corporate Debtor defaulted in repayment, leading to the account being classified as a Non-Performing Asset (NPA) on 28.06.2017.
SBI issued a recall notice on 11.08.2021 to the Corporate Debtor and the Personal Guarantor, demanding repayment.
The Personal Guarantor failed to discharge the outstanding amounts despite receiving the recall notice.
The Resolution Professional (RP) recommended the admission of the application.
…The Corporate Debtor's…
The Corporate Debtor…