Hyderabad: said that the bankruptcy process of individual guarantors can also be initiated, the national law of the Tribunal Law (NCLT), Hyderabad, has published a notification to the indexurine Sham Prasad Reddy, and the other three which stand as guarantor for loans used by Indu projects.
The company went bankrupt and the lender bank submitted a request to seek initiation of the bankruptcy process on the guarantor.
If the court allows a request, the guarantor’s personal assets will be responsible for the foreclosure.
Sham Prasad Reddy utilizes RS 3,000 Crore from Bank as a loan on behalf of the Indu project.
The banks began actions against him at NCLT, while some banks continued against the guarantor.
-Sagar Kumar Mutha.
NCLT Notification to Indu Guarantor
