Look out Circular can be Issued against personal guarantor of economic offenders

Garikapati Venkateswara Rao W/o. Chenchaia Vs Union of India (Telangana High Court) It was not in dispute that GVR Infra Projects Limited had taken loan of Rs.250.03 Crores from the erstwhile Vijaya Bank which was now merged with Bank of Baroda, Respondent Nos.7 and 8 herein. It was also not disputed by the petitioner that the said loan was secured by him by way of personal guarantee dated 18.05.2017 along with other promoters of the company and that the company defaulted in making payments to the bank and the account was classified as NPA and the erstwhile Vijaya Bank had initiated recovery a...