NCLT Hyderabad admits Section 7 IBC petition filed by State Bank of India against India Power Corporation Ltd as corporate guarantor for Meenakshi Energy's default.
Corporate Debtor contested petition claiming guarantee was void due to lack of WBERC approval and debt discharge via pledged share invocation.
Tribunal rejects all defences, finding guarantee was voluntarily executed and enforceable, establishing financial debt and default by IPCL.
CIRP initiated with moratorium declared and Ms. Medarametla Srinivasa Manoranjani appointed as Interim Resolution Professional.