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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Mohd. Faiz Alam Khan, Member (Judicial), Arun Baroka, Member (Technical)
Phoenix Arc Private Limited Trustee of Phoenix Trust FY 19-21 – Appellant
Versus
Rajendra Himmatlal Salot – Respondent
| Table of Content |
|---|
| 1. case details and parties introduced. (Para 1 , 2 , 3) |
| 2. loan facilities, guarantees, and assignment timeline. (Para 4 , 5 , 6 , 7 , 8 , 10 , 11 , 13 , 14 , 15 , 16) |
| 3. demand notices and petition filing. (Para 17 , 18 , 19 , 20 , 21 , 22 , 23) |
| 4. respondent's limitation defense via sarfaesi notice. (Para 24 , 25 , 26 , 27 , 28 , 29 , 30) |
| 5. precedents supporting guarantee invocation by sarfaesi. (Para 31 , 32 , 33 , 34 , 35 , 36 , 37 , 38 , 39 , 40 , 41) |
| 6. analysis of sarfaesi notice as guarantee invocation. (Para 42 , 43 , 44 , 45 , 46 , 47 , 48 , 49 , 50 , 51) |
| 7. ibc independence from sarfaesi proceedings. (Para 52 , 53) |
| 8. distinguishing precedents on notice language. (Para 55 , 56) |
| 9. principal borrower's debt acknowledgment binds guarantor. (Para 57 , 58 , 59 , 60 , 61 , 62) |
| 10. drt proceedings do not bar ibc initiation. (Para 64 , 65) |
| 11. limitation extended by acknowledgment and covid period. (Para 66 , 67 , 68 , 69 , 70 , 71 , 72) |
| 12. petitions allowed, not barred by limitation. (Para 73 , 74 , 75) |
NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH: NEW DELHI Company Appeal (AT) (Insolvency) No. 2185 of 2024 [Arising out of the Order dated 03.09.2024, passed b
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