ORDER

1) This Application/Petition under Section 7 of the Insolvency Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has been filed by Mr.P.L.Srinivas Reddy (Applicant) for initiating Corporate Insolvency Resolution Process (“CIRP”) against M/s.Techtrans Constructions India Private Limited (Respondent)

2) Application:

2.1 It is averred that the Applicant initially approached State Bank of India (SBI), Secunderabad Branch, seeking credit facilities to the tune of ₹4 crore for his business activities by offering mortgage of collateral securities. However, after due diligence, SBI allegedly informed the Applicant that he was ineligible to avail the said credit facilities on account of an adverse CIBIL report.

2.2 It is submitted that during the processing of his request, he came into contact with Mr. H. Ramesh, Chairman and Managing Director of the Respondent Company, who along with officials of SBI insisted that the Applicant provide additional collateral security for the purpose of credit enhancement in respect of loans proposed to be sanctioned to the Respondent. It is alleged that upon the suggestion o