Back
NATIONAL COMPANY LAW TRIBUNAL
Shri. Rajeev Bhardwaj, J, Shri. Sanjay Puri, T
State Bank of India – Appellant
Versus
Mr. Thota Subbarayudu – Respondent
| Table of Content |
|---|
| 1. factual background of the insolvency application. (Para 1 , 2) |
| 2. arguments by the personal guarantor disputing liability. (Para 3) |
| 3. rebuttal by the financial creditor asserting continuity of liability. (Para 4) |
| 4. contractual terms of guarantees and their implications. (Para 6 , 7 , 9 , 10 , 11) |
| 5. determining the limitation period for the guarantee. (Para 12 , 13 , 15 , 23) |
| 6. acknowledgment of debt and its significance in extending limitation. (Para 20 , 21 , 22 , 26) |
| 7. conclusion and order for initiation of insolvency proceedings. (Para 28) |
ORDER
1. This application has been filed by State Bank of India (hereinafter referred as Financial Creditor) under Section 95 (1) of the Insolvency and Bankruptcy Code , 2016 read with Rule 7(2) of Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019 to initiate Insolvency Resolution Process against Personal Guarantor, Mr. Thota Subbarayudu (hereinafter referred to as Personal Guarantor/Respondent No.1) of M/s.Turbo Machinery Engineering Industries Limited (hereinafter referred as Corporate Debtor).
2. The Corporate Debtor avai
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
