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S.J.MUKHOPADHAYA, BANSI LAL BHAT
State Bank of India – Appellant
Versus
V. Ramakrishnan – Respondent
JUDGMENT :
SUDHANSU JYOTI MUKHOPADHAYA, J.
Mr. V. Ramakrishnan (1st Respondent), Director of M/s. Veesons Energy Systems Pvt. Ltd. (“Corporate Debtor”) given personal guarantee and mortgagor of collateral securities of his assets with the Appellant- State Bank of India (“Financial Creditor”) against the facilities availed by the ‘Corporate Debtor’. In view of the personal Guarantee given by Mr. V. Ramakrishnan (1st Respondent), he comes within the meaning of ‘Personal Guarantor’ as defined under sub-section (22) of Section 5 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “I&B Code”)
2. The State Bank of India (“Financial Creditor”) invoked its right under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (hereinafter referred to as “SARFAESI Act, 2002”) against the ‘Personal Guarantor’ under Section 13(2) on 4th August, 2015 for recovery of Rs. 61,13,28,785.48/- from the said 1st Respondent as securities. The notice was challenged by the ‘Corporate Debtor’ before the Hon’ble High Court of Madras, which was dismissed with costs on 17th November, 2016. Thereafter, the State Bank of India (‘Financial Creditor’)
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