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ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON 18.03.2026 THROUGH VIDEO CONFERENCE

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CORAM: HON’BLE SHRI. SANJIV JAIN, MEMBER (JUDICIAL)

HON'BLE SHRI VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL)

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Application No :

Petition No : CP(IB)/95(CHE)2024

Name of Petitioner : State Bank of India & Vs

Name of Respondent : S Lalitha

Section : 95(1) of IBC, 2016

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ORDER

CP(IB)/95(CHE)2024

Present: Ms. Vaiduriya, Ld. Counsel for the Petitioner/State Bank of India.

Mr. Arvind Rajagopal, Ld. Counsel for the Respondent / Personal Guarantor.

Vide separate order pronounced in the open Court, petition is admitted.

Insolvency proceedings are initiated against the Personal Guarantor.

Ms. Santhanam Rajashree is appointed as the IRP.

-sd- -sd-

[VENKATARAMAN SUBRAMANIAM]

[SANJIV JAIN]

M S

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

Date: 18.03.2026

IN THE NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH – I, CHENNAI

[filed under Section 95(1) of IBC, 2016 r ead with Rule 11 of IBC (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019]

In the matter of State Bank of India Vs. S. Lalitha

State Bank of India

Represented by Assistant General Manager

Stressed Asset Management Branch

Raja Plaza First Floor No. 1112, Avinashi Road, Coimbatore – 641 037.

… Petitioner / Financial Creditor

Vs

Mrs. S. Lalitha

W/o/ Srinivasan

Old No. 256, New No. 159

Madurai Raja Kadai Theru

Rajapalayam – 626 117

… Respondent / Personal Guarantor

Present:

For Petitioner : R. Sugumaran, Advocate; Vaiduriya, Advocate

For Respondent : Arvind Rajagopal, Advocate

CORAM:

SANJIV JAIN, MEMBER (JUDICIAL)

VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL)

Order pronounced on 18th March, 2026

O R D E R

(Heard Through Hybrid Mode)

1. This petition under Section 95 of IBC r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 has been filed by State Bank of India for initiating insolvency resolution process against Ms. S. Lalitha (Personal Guarantor) in respect of debt of Rs. 88,02,01,028.90 together with interest. The date of default as specified in Part – III of the petition is 27.06.2016. This petition has been filed before this Tribunal on 22.03.2024.

2. Part – I of the petition sets out the details of the Petitioner / Financial Creditor, State Bank of India. It has its registered office at Stressed Asset Management Branch, Raja Plaza, 1st Floor, #112, Avinashi Road, Coimbatore. Part – II of the petition sets out the details of the Respondent i.e. Ms. S. Lalitha w/o S. Srinivasan resident of Old No. 256, New No. 159, Madurai Raja Kadai Theru, Rajapalayam within the jurisdiction of this Tribunal. The Respondent stood as Personal Guarantor in respect of the loans availed by the Corporate Debtor Sri Venkatram Spinners Private Limited. In Part – III of the petition, the Petitioner has given the debt amount as Rs. 88,02,01,028.90 as on 15.03.2024 together with interest and other charges.

3. As per the averments made in the petition, the Corporate Debtor namely Sri Venkatram Spinners Private Limited had availed various credit facilities from the Financial Creditor State Bank of India for its business operations vide sanction letter dated 24.03.2015. State Bank of India is the consortium banker for the credit facilities availed by the Corporate Debtor. The last renewal was made vide letter dated 22.03.2016. Personal Guarantors namely S. Srinivasan and S. Lalitha guaranteed the due payment of the loan amount vide personal guarantee agreement dated 04.05