S.No.1

IN THE NATIONAL COMPANY LAW TRIBUNAL

HYDERABAD BENCH – 1

VC AND PHYSICAL (HYBRID) MODE

ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON

19-11-2025 AT 1:00 PM

Company Petition IB/231/2021

AND

IA(IBC) 706/2024 in Company Petition IB/231/2021

U/s. 95 of IBC, 2016

IN THE MATTER OF:

State Bank of India …Petitioner

AND

Prashant Mupparapu & Varam Bio Energy Pvt Ltd …Respondent

C O R A M:-

SH. RAJEEV BHARDWAJ, HON’BLE MEMBER (JUDICIAL)

SH. SANJAY PURI, HON’BLE MEMBER (TECHNICAL)

O R D E R NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH-1 Under Section 121 of IBC, 2016 read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtor) Rules, 2019 IN THE MATTER OF SHRI PRASHANT MUPPARAPU, PERSONAL GUARANTOR TO M/S VARAM BIOENERGY PRIVATE LIMITED BETWEEN STATE BANK OF INDIA Stressed Assets Management Branch, Red Cross Building, 32 Montieth Road Egmore, Chennai – 600008 Corporate Office at State Bank Bhavan Madame Cama Road Mumbai-Maharashtra …Applicant / Financial Creditor VERSUS

IA(IBC) 706/2024

Present: Ms. Sravani Desiraju, Ld. Counsel for the Applicant.

Mr. Naresh Kumar Sangam, Ld. Proxy Counsel for the Respondent

No.1.

Order pronounced, recorded vide separate sheet. In the result this application is

allowed.

Sd/- Sd/-

MEMBER (T) MEMBER (J)

Siva/sridher

1. Mr. Prashant Mupparapu S/o V.R. Mupparpu R/o 37, Baystate Avenue Sommerville, MA, USA-02144.

…Respondent No.1 / Personal Guarantor

2. M/s Varam Bio Energy Private Limited Rep by Liquidator Mr. Vikas Prakash Gupta B-32, Steel & Mines Complex Srinagar Colony, Hyderabad– 500 073.

…Respondent No.2 / Corporate Debtor DOO 19.11.2025 Date of order: 19 .11.2025 CORAM SHRI RAJEEV BHARDWAJ, HON’BLE MEMBER JUDICIAL SHRI SANJAY PURI, HON’BLE MEMBER TECHNICAL Appearance:

For Applicant : Ms. Sarvani Desiraju, Advocate Resolution Professional : Mr. G. Bhupesh, Advocate PER: BENCH

1. This Application is filed by the Applicant / Financial Creditor 121 r/w of the Insolvency and Bankruptcy Code, 2016 (IBC) r/w Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking an order for initiating Bankruptcy Proceedings against the Personal Guarantor /

Respondent No.1 herein.

2. Background of the case

2.1 The Applicant submitted that the Respondent No.2 / Corporate Debtor availed financial assistance amounting to Rs. 37,37,00,000/- from the Applicant/Bank. The copies of the sanction letters are annexed to the Application and marked as Annexure-8 (Colly). The Respondent No.1 stood as Personal Guarantor for repayment. A copy of the Deed of Guarantee dated 28.03.2007, 09.11.2009, 23.08.2011, 16.07.2012, 28.01.2013 and 29.03.2013 are annexed to the Application and marked as Annexures-14 to19 respectively. Upon default, the account was DOO 19.11.2025 classified as NPA and the Personal Guarantor failed to pay dues amounting to Rs. 69,14,54,733/- including interest calculated until 15.02.2024. A copy of the Closing Balance Statement is annexed to the Application and marked as Annexure-4.

2. Insolvency Resolution Process against the Personal Guarantor under Section 95 of the IBC:

2.1 As the Personal Guarantor failed to discharge the liability in default, the Financial Creditor/Applicant herein filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, bearing Company Petition CP(IB) No.231/95/HDB/2021, seeking initiation of Insolvency Resolution Process against the Personal Guarantor / Respondent No.1. This Authority, vide order dated 01.09.2021 passed interim moratorium and appointed Mr. Dantu Indu Sekhar as the Resolution Professional. Based on the Report filed by the Resolution Professional under Section 99 of IBC and on merits of the matter, this Authority admitted the Respondent No.1 into Personal Insolvency Resolution Proceedings under Section 100 of the Code and declared moratorium under Section 101 of the C