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NATIONAL COMPANY LAW TRIBUNAL
Mrs. Chitra Hankare, J, Dr. Velamur G Venkata Chalapathy, T
State Bank of India – Appellant
Versus
Shamlabhai Momaiyabhai Movaniya – Respondent
| Table of Content |
|---|
| 1. application for insolvency filed citing substantial default amount. (Para 1 , 2) |
| 2. respondent contests application based on limitation and procedural issues. (Para 4 , 6) |
| 3. discussion regarding limitation and the necessity of proper invocation of guarantees. (Para 10 , 12) |
| 4. final ruling rejecting the application due to procedural deficiencies. (Para 19) |
JUDGMENT
1. State Bank of India (Financial Creditor) has filed this Application under section 95 of the Insolvency and Bankruptcy Code , 2016 (hereinafter referred to as IBC,2016) read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, seeking to initiate Insolvency Resolution Process against Mr. Shamlabhai Momaiyabhai Movaniya, the Personal Guarantor of the Corporate Debtor namely M/s. Yogiraj Ginning and Oil Industries Pvt Ltd. for default of an amount of Rs.24,41,53,898.12/-.
2. As per letter of arrangement dated 07.01.2012, credit facilities were sanctioned to the Corporate Debtor. It was renewed from time to time i.e. on 15.04.2013, 09.05.2014 and 24.03.2015. The credit facilities we
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