J U D G M E N T

(30th August, 2024) Ashok Bhushan, J.

These two Appeals have been filed by two personal guarantors of the Corporate Debtor challenging the order of the same dated 17.05.2024 passed in Company Petition (IB) No. 60/Chd/HP/2024 and Company Petition (IB) No. 61/Chd/HP/2024 respectively by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Court-I. Facts including dates and events of both the Appeals being same, it shall be sufficient to refer to facts and pleadings in Company Appeal (AT) (Insolvency) No. 1146 of 2024 for deciding both the Appeals.

2. Brief facts of the case are:-

2.1. Mr. Gursev Singh is personal guarantor of the Corporate Debtor, M/s. Ram Harbi Motors Pvt. Ltd., Ram Hari AXuto’s Pvt. Ltd. and Ram Hari Cars Pvt. Ltd. The CIRP against the Corporate Debtor commenced on 14.02.2020 by order of the Adjudicating Authority. Gursev Singh, the Personal Guarantor filed an application under Section 94 of the IBC which was numbered as CP (IB) No. 77/CH/HP/2021. On 06.05.2022, the Adjudicating Authority directed the Applicants/ Appellant to file compliance and eligibility affidavit. Several opportunities were granted by the Adjudicating Authority for