Hyderabad: The Hyderabad bench of the National Company Law Tribunal (NCLT) has given the green signal to initiate insolvency proceedings against BJP leader and former MP Sujana Chowdary. It issued an order to this effect on Thursday and appointed a bankruptcy resolution professional (resolution professional).
The NCLT bench also barred Sujana Chowdary from alienating, transferring or selling his personal properties till the insolvency proceedings were completed.
Sujana Chowdary had given a personal guarantee in a `500-crore loan that Splendid Metal Products Limited took from the State Bank of India. On default, the SBI filed a petition in the NCLT in 2021 to start personal bankruptcy and insolvency proceedings against Sujana Chowdary…
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