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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
ASHOK BHUSHAN, J
Seeta Shah – Appellant
Versus
ICICI Bank Limited – Respondent
| Table of Content |
|---|
| 1. introduction of the appeal and case facts (Para 1) |
| 2. background of investment and defaults (Para 2 , 5) |
| 3. arguments from the appellant regarding discharge of debt (Para 3 , 4 , 6 , 7 , 8 , 9 , 10) |
| 4. court's observations on guarantee and resolution plan (Para 11 , 12 , 20 , 21 , 22 , 24) |
| 5. continuation of guarantee post-resolution (Para 28 , 29 , 30) |
| 6. final order of dismissal of appeal (Para 34) |
JUDGMENT
ASHOK BHUSHAN, J.
This Appeal by a Suspended Director of the Corporate Debtor – Ushdev Enfitech Limited has been filed challenging the order dated 26.04.2023 Cont’d…/ passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-V admitting Section 7 application filed by ICICI Bank Ltd. (Respondent herein). Appellant aggrieved by the impugned order has filed this appeal. Brief facts of the case necessary to be noticed for deciding this appeal are:
(i) ICICI Bank has advanced Rs.100 Crore to Ushdev International Ltd, Principal Borrow, by way of two bilateral non-fund based facilities of INR 50 Crore each. The above two bilateral non-fund based facilities were advanced by Credit Agreement Letter dated 24.12.2014 and 14.10.2015.
(ii) A Deed of
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