JUDGMENT

ASHOK BHUSHAN, J.

This Appeal by a Creditor has been filed challenging order dated 28.11.2024 passed by National Company Law Tribunal, Allahabad Bench, Prayagraj by which order, application under Section 95 filed by the State Bank of India has been rejected. Appellant aggrieved by rejection of its application under Section 95 has come up in this Appeal.

2. Brief facts of the case necessary to be noticed for deciding the Appeal are:-

(i) The Corporate Debtor – LML Ltd. was extended Financial Facilities by State Bank of India (“SBI”). The Respondent – Deepak Kumar Singhania executed a Deed of Guarantee dated 28.03.2005 along with other two Personal Guarantors in favour of SBI and a Multi-Partite Agreement dated 28.03.2005 was executed. The Guarantor undertook to pay to the Lender in event any default is committed by the Borrower upon demand.

(ii) The SBI filed application under Section 19 of the Recovery of Debts and Bankruptcy Act 1993 before the Debts Recovery Tribunal, which is pending disposal. With respect to Corporate Debtor an order of liquidation has been passed on 23.03.2018. The SBI issued a Demand Notice under Rule 7 of Insolvency and Bankruptcy (Application to Adjudi