J U D G M E N T

(Hybrid Mode)

[Per: Justice Mohd. Faiz Alam Khan, Member (Judicial)]

1.Both above placed appeals are connected with each other and the issue involved in both the appeals is identical, therefore for the sake of convenience and for the purpose of appreciation of evidence, both these appeals are being disposed of by passing this common judgment.

Facts of CA (AT) (Ins) No. 621 of 2025-

2. The instant appeal has been preferred by the appellant who is the personal guarantor to Palavi Synthetics Pvt. Ltd. (Principal Borrower/CD) which had availed various financial facilities from Sarvodaya Sahakari Bank Ltd. (SSBL) against the impugned judgment dated 25.02.2025, passed by the National Company Law Tribunal, Ahmedabad, Bench –I (Adjudicating Authority) in CP (IB) No. 249/AHM/2024 with IA No. 1563 of 2024 whereby the insolvency process has been initiated against the appellant.

3. Factual matrix with regard to this appeal is in terms that Respondent SSBL granted financial facilities to Palavi Synthetics Pvt. Ltd. (CD)/Principal Borrower by entering into various hypothecation agreement for goods against which the appellant extended personal guarantee vide Guarantee Deed dated 05.09.2