ORDER

1. This present application is filed by the Applicant/Financial Creditor under Section 123 r/w 60(2) of the Insolvency and Bankruptcy Code, 2016 (hereafter referred as IBC,2016) 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 inter alia, seeking the initiation of the Bankruptcy Process against Mr. Tikkavarapu Venkatarami Reddy, (herein after referred as the Respondent No. 1,/the Personal Guarantor), to the M/s Deccan Chronicle Holdings Limited, (herein after referred as Respondent No. 2/Corporate Debtor), for an outstanding sum of Rs.75,60,58,802.57/- as on 01.12.2023, till the date of realization.

2. The brief averments of the Applicant:

2.1 It is averred that the Petitioner is a Financial Creditor of the Corporate Debtor and the outstanding debt arises from a term loan granted to Deccan Chronicle Holdings Ltd. The Corporate Debtor/Respondent No. 2 was the principal borrower and had availed term loan of Rs.25 Crores, vide sanction letter dated 10.05.2013, from the Financial Creditor.

2.2 Pursuant thereto, on 13.05.2011, the Petitioner and the Corporate De