Hyderabad: National Company Law Tribunal (NCLT) at Hyderabad on Thursday admitted a petition filed by SBI seeking personal insolvency resolution process (PIRP) against former Union minister and founder of Splendid Metal Products company Y Sujana Chowdary. The company took over 500 crore loan from the bank and defaulted on repayment.
Following pleas for initiating a corporate insolvency resolution process (CIRP) against the company, NCLT in past commenced CIRP process against Splendid Metal Products.
Later, the bank filed another application urging tribunal to launch PIRP against Sujana because he stood as personal guarantor to the loan. NCLT bench of judicial member Rajeev Bharadwaj and technical member Sanjay Puri finally decided to ini…
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