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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Sharad Kumar Sharma (Member(Judicial)) , Mr. Jatindranath Swain (Member (Technical)) ,
D. Srinivasa Rao – Appellant
Versus
V Stressed Assets Stabilisation Fund – Respondent
| Table of Content |
|---|
| 1. challenge to the order related to corporate debtor and allegations of fraud. (Para 1 , 2 , 3) |
| 2. discussion on applications and grounds for restoring a dismissed application due to misrepresentation. (Para 4 , 5 , 6 , 7 , 8) |
| 3. evaluation of recall application procedures and the tribunal's powers. (Para 11 , 12 , 20 , 21) |
| 4. final ruling reaffirming the dismissal based on lack of review power. (Para 24 , 30) |
ORDER
(Hybrid Mode)
11.06.2024:
This Comp. App (AT) (CH) (INS) No. 80 / 2024 puts a challenge to the Impugned Order dated 10.01.2024, as it was passed by the Learned Adjudicating Authority in RST-A(IBC) No. 21 / 2023, by the NCLT, Hyderabad - II, in seeking Recall of Order passed on IA No. 58 / 2023, as it was preferred in CP(IB) No. 314 / 95 / HDB / 2022.
2. The Appellant while putting the challenge to the Impugned Order, pleads that he happens to be the Personal Guarantor of M/s. Priyaranjani Fibres Limited (the `Corporate Debtor’). He submits that the Corporate Debtor had taken a Loan of Rs.936.16 Lakhs from IDBI and at the stage of advancement of the Loan, a Guarantee Agreement dated 15.09.1994, was admittedly executed by the then three Directors, out of which, t
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