ORDER

1. This Application is filed by the Applicant / Financial Creditor under Section123 r/w 60(2) of the Insolvency and Bankruptcy Code, 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 initiation of Bankruptcy Proceedings against the Respondent No.1 herein Mr. Virigneni Anjaiah, Personal Guarantor of M/s. Sri Pavana Keerthi Hotels India Private Limited u/s 123 of IBC 2016.

2. The averments of the Applicant in brief are as follows:

2.1 It is averred that the Respondent No.2 / Corporate Debtor is the Principal Borrower and availed term loan of Rs.19.28 crores for the establishment of hotel which was repayable in 94 monthly installments along with interest @ base rate 3% and TPA – 0.5% commencing from June 2015. The loan payment period ended in March, 2021. Respondent No.2 after fully availing credit facilities failed to adhere to the repayment terms and hence the loan became irregular. Andhra Bank Holding account of the Corporate Debtor assigned the debt to the applicant. Therefore, the applicant is the assignee of the debt portfolio o