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NATIONAL COMPANY LAW TRIBUNAL
SHRI. RAJEEV BHARDWAJ, J, SHRI. SANJAY PURI, T
State Bank of India – Appellant
Versus
Mr. Thota Chandrakanth – Respondent
| Table of Content |
|---|
| 1. initiation of insolvency resolution process (Para 1 , 2) |
| 2. arguments concerning liability and limitation (Para 3 , 4 , 13 , 14 , 15 , 16) |
| 3. court observations on guarantees and liabilities (Para 5 , 6 , 7 , 9 , 10 , 11 , 18 , 19 , 20 , 21) |
| 4. determination of limitation and acknowledgment of debt (Para 22 , 23 , 24 , 27) |
| 5. conclusion and order for admission (Para 28) |
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 ex
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