PER: BENCH

1. This instant petition is filed by the Financial Creditor Central Bank of India under Section 95 of Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “the Code”) read with Rule 60(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019 (hereinafter referred to as Personal Guarantors Insolvency Rules, 2019), for initiation of insolvency resolution process in respect of the Personal Guarantor to the CD i.e. the Respondent No.1 herein before this Hon’ble Tribunal under the provisions of the IBC, 2016. 2. The averments of the Petition in brief as follows:

2.1 It is averred that the Respondent No. 2, namely, Kamineni Steel and Power India Limited (“Corporate Debtor” or “CD”), had been granted, from time to time, various credit facilities, since 2011, in the form of Fund based limits by the Company Petitioner (“Financial Creditor” or “FC”) herein along with other consortium member banks to meet its business needs. The Respondent No.1 herein executed Deed of Guarantee dated 24.12.2014 guaranteeing the repayment of the said credit facilities.

2.2 It is ave