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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Sharad Kumar Sharma, Member (Judicial)
MR. VIRIGNENI ANJAIAH – Appellant
Versus
M/S. PRIDHVI ASSET RECONSTRUCTION AND SECURITIZATION COMPANY LTD. – Respondent
| Table of Content |
|---|
| 1. challenges against orders admitting insolvency proceedings. (Para 1 , 2) |
| 2. proper service and acknowledgment of demand notice. (Para 3 , 10) |
| 3. timeliness and grounds for proceeding against personal guarantors. (Para 4 , 5 , 6 , 8) |
| 4. appeals were dismissed, confirming validity of procedural adherence. (Para 11 , 15 , 16) |
| 5. limitation applies to insolvency proceedings based on acknowledgment of debt. (Para 12 , 17) |
JUDGMENT
(Hybrid Mode)
[Per: Justice Sharad Kumar Sharma, Member (Judicial)]
These two company appeals, as they stand on a common pedestal, for the purposes of brevity, they are being taken up and decided together. The Appellants of the two company appeal, who are the Personal Guarantors, in their status in the said capacity, question the propriety of the impugned orders of 15.04.2024, as they was rendered in CP (IB) No. 213/95/HDB/2023 and CP (IB) No. 207/95/HDB/2023 respectively. By virtue of the impugned orders, which are under challenge, the proceedings that were held under Section 95 of the I & B Code, 2016, had been directed to be admitted, as against the present Appellants for being carried forward, in accordance with the provisions of law, applicab
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