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, the Appellant contends that he happens to be the only surviving Director, as of now.

3. The Corporate Debtor had committed a Default as on 01.04.1997 and as a consequence thereto, the Financial Creditor had invoked the Bank Guarantee as recorded in the Orders which was passed by the Learned Adjudicating Authority, while deciding the IA No. 58 / 2023, preferred in the aforesaid CP(IB) No. 314 / 95 / HDB / 2022. There had been