S.No.3

IN THE NATIONAL COMPANY LAW TRIBUNAL

VC AND PHYSCIAL (HYBRID) MODE

ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON

12-06-2024 AT 10:30 AM

CP (IB) No. 349/95/HDB/2022

AND

IA (IBC) 383/2024 in CP (IB) No. 349/95/HDB/2022

u/s. 95 of IBC, 2016

IN THE MATTER OF:

Bank of Maharashtra …Petitioner

AND

Shri. P Krishna (Style N Supply Private Limited) …Respondent

C O R A M:-

DR. VENKATA RAMAKRISHNA BADARINATH NANDULA, HON’BLE MEMBER (JUDICIAL)

SH. CHARAN SINGH, HON’BLE MEMBER (TECHNICAL)

O R D E R

IA (IBC) 383/2024

This being an application to take on record the Resolution Professional report on

record. The same is taken on record.

Accordingly, this application is allowed and disposed of.

CP (IB) No. 349/95/HDB/2022

Orders pronounced, recorded vide separate sheets. In the result, the Company Petition vide CP (IB) No. 349/95/HDB/2022 field under the provisions of Section 95 of Code, 2016 is hereby admitted under the provisions of Section 100 of the Code, 2016 and Insolvency Resolution Process (IRP) is initiated against Shri. P Krishna, the Personal Guarantor, and moratorium is declared in relation to all debts, which begins from the date of admission of the instant petition and shall cease to have effect at the end of the period of 180 days, as provided under Section

101 of the Code, 2016.

Sd/- Sd/-

MEMBER (T) MEMBER (J)

Swapna

IN THE NATIONAL COMPANY LAW TRIBUNAL (Under Section 95 of the Insolvency and Bankruptcy Code, 2016 read with Rule 7(2) of the Insolvency and Bankruptcy (Application to the Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to the Corporate Debtors)

Rules, 2019.

In the matter of Sri. Perna Krishna, (Personal Guarantor to the Corporate Debtor – M/s.Style N Supply Private Limited)

Between:

Bank of Maharashtra # 4-3-448 to 460 & 465, 1^st Floor, Vinoothna Pittie’s Majesty, Gopalbagh, Near Bank Street, Koti, Hyderabad – 500 001.

… Applicant/Financial Creditor A N D

1. Sri. Perna Krishna Plot No.13, BHEL Enclave, Akbar Road, Secunderabad – 500 009.

… Respondent No.1/Personal Guarantor

2. Style N Supply Private Limited H.No.1-1-379/217 & 218, Jawahar Nagar, Ashok Nagar, Hyderabad – 500 020.

… Respondent No.2/Corporate Debtor DATE OF ORDER: 12.06.2024 CORAM:

DR. VENKATA RAMAKRISHNA BADARINATH NANDULA, HON’BLE MEMBER (JUDICIAL)

SHRI. CHARAN SINGH, HON’BLE MEMBER (TECHNICAL)

Appearance: -

For the Petitioner : Mr. Varun Ambati, Counsel.

For the Respondent No.1/PG : Mr.M.Avinash Reddy, Counsel.

Resolution Professional : Mr. Murali Mohan Chevuturi, RP PER: BENCH

1. This instant petition is filed by the Financial Creditor IDBI Bank Limited under Section 95 of Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “the Code”) read with Rule 7(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), seeking an order for initiation of the Insolvency Resolution Process (“IR Process”) against Sri. Perna Krishna, who is the Personal Guarantor of M/s.Style N Supply Private Limited (hereinafter referred to as “Corporate Debtor”). 2. The averments of the Petition in brief as follows:

2.1 It is averred that the Financial Creditor herein i.e., Bank of Maharashtra vide its sanction letter dated 12.02.2014 bearing reference no. AR- 51/ADV/2013-14 had sanctioned a working capital facility consisting of Cash Credit Limit of Rs.900 Lakhs along with Bank Guarantee Limit of Rs.25 Lakhs. A copy of the sanction letter dated 12.02.2014 has been annexed along with this Application for the kind perusal of this Hon’ble Tribunal.

2.2 It is stated that excluding the total repayments of the Corporate Debtor herein, the total amount payable is Rs.17,10,79,788.43 (Rupees Seventeen Crores Ten Lakhs Seventy Nine Thousand Seven Hundred Eighty Eight and Forty Three Paise only), including a principal amount of Rs.5,43,29,623.00 (Rupees Five Crores Forty Three Lakhs Twenty Nine