503 IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH–I, CHENNAI ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON 28.04.2026 THROUGH VIDEO CONFERENCING ---------------------------------------------------------------------------------------------------------------

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

HON’BLE SHRI. VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL ----------------------------------------------------------------------------------------------------------------

IN THE MATTER OF : State Bank of India Vs R Vasuki MAIN PETITION NUMBER : CP(IB)/81(CHE)/2022 (IA/MA) APPLICATION NUMBERS IA/916(CHE)/2023 ----------------------------------------------------------------------------------------------------------------

ORDER CP(IB)/81(CHE)/2022 IA/916(CHE)/2023 Present: Shri. R. Sugumaran, Ld. Counsel for the Petitioner.

Shri. K. Sivalingam, IRP in person.

The report of the IRP filed vide IA/916/2023 is taken on record and the application is disposed of.

Vide common order pronounced in the Open Court, the petition is admitted.

Insolvency proceeding is initiated against the Personal Guarantor, R. Vasuki.

Shri. Sankaran Rajagopalan is appointed as the IRP.

Sd/- Sd/-

[VENKATARAMAN SUBRAMANIAM] [SANJIV JAIN]

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

VS

Date: 28.04.2026

IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH – I, CHENNAI CP(IB)/81(CHE)/2022 (Filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016)

State Bank of India, Stressed Asset Management Branch, No.1112, Raja Plaza, Coimbatore-641 037 ….Petitioner/Financial Creditor Versus Mrs. R. Vasuki, W/o. M. Ravichandran, No.3C, 3^rd Cross, Lakshmipuram.

Ganapathy, Coimbatore-641 006 ….Respondent/Personal Guarantor Present:

For Petitioner : Mr. R. Sugumaran, Advocate Ms. S. Vaiduriya, Advocate For Respondent : Mr. Pravin, Advocate Mr. Nikhil Gupta, Advocate ALONG WITH IA/916(CHE)/2023 in CP(IB)/81(CHE)/2022 (Filed under Section 60(5) r/w Section 99 of the Insolvency and Bankruptcy Code, 2016)

K. Sivalingam, Resolution Professional for Smt. R. Vasuki, Personal Guarantor Reg. No.IBBI/IPA-001/IP-P01597/2018-19/12430 Flat No.1603, Tulive Horizon Residences, 16/01, Arunachalam Road, Saligramam, Chennai-600 093 .....Applicant Present:

Mr. K. Sivalingam, RP in person CORAM:

SANJIV JAIN, MEMBER (JUDICIAL)

VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL)

Order Pronounced on 28th April, 2026 COMMON ORDER (Heard through Video Conferencing)

This petition under Section 95 of IBC, 2016 read with 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, Stressed Asset Management Branch against Mrs. R. Vasuki (Personal Guarantor) who stood guarantee for the loan facilities availed by the Corporate Debtors, Suryabalaji Steels Private Limited and Sri Padmabalaji Steels Private Limited from State Bank of India. The prayer made in the petition is to initiate insolvency resolution process against the Personal Guarantor.

2. Part-I of the petition sets out the details of the Petitioner, State Bank of India. It was incorporated on 01.07.1955. Part-II of the petition sets out the details of the Personal Guarantor, Mrs. R. Vasuki. She has been living at No.3 C, 3^rd Cross, Lakshmipuram Ganapathy, Coimbatore-641 006.

3. Part-III of the petition sets out the details of the creditor, State Bank of India. The amount of debt is stated as Rs.223.85 Crores and date of default is stated as 20.02.2021. Demand Notice under the SARFAESI Act was issued on 02.01.2015.

4. Briefly the facts are that the Corporate Debtors, Suryabalaji Steels Private Limited and Sri Padmabalaji Steels Private Limited availed various credit facilities from the Petitioner/Financial Creditor, State Bank of India vide Facility Agreement Letters dated 28.10.2013 and 20.08.2010 respectively. The Respondent/Personal Guarantors signed the Personal Guarantee Agreements dated 28.10.2013 and 20.08.2010