SAJJALA SREEDHARA REDDY Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) This Writ Petition is filed, under Article 226 of the Constitution of India, for a Writ of Mandamus, challenging the proceedings of the 2nd respondent, vide letter SAMB-II/HYD/JMK/823, dated 2.10.2020.

(2.) Heard Sri G.Kalyan Chakravarthy, learned counsel for the petitioners and Sri Satyanarayana Murthy, learned counsel for the respondents 1 and 2/bank, apart from perusing the material available before the Court.

(3.) The 3rd respondent herein is a corporate creditor for the loan advanced by the 1st respondent herein to M/s. SPY Agro Industries Limited. In view of the default committed by the said industry, one of the creditors i.e., IDBI Trusteeship Services Limited, Mumbai, initiated proceedings before the National Company Law Tribunal, Amaravati Bench, under Section 7 of the Insolvency and Bankruptcy Code,2016 (for short 'IBC'). The petitioners herein are the persons, who offered their personal guarantee to the credit availed by 3rd respondent from 1st respondent.