ORDER

1. This application has been filed by State Bank of India (hereinafter referred as Financial Creditor) under Section 95 (1) of the Insolvency and Bankruptcy Code, 2016 read with Rule 7(2) of Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019 to initiate Insolvency Resolution Process against Personal Guarantor, Mr. Thota Chandrakanth (hereinafter referred to as Personal Guarantor/Respondent No.1) of M/s.Turbo Machinery Engineering Industries Limited (hereinafter referred as Corporate Debtor).

2. 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.

2.1 The default in payment of debt occurred on 30.06.2013. Due to non-payment of the loan amount, one of the financial creditors filed CP No.64 of 2017 under Section 7