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NATIONAL COMPANY LAW TRIBUNAL
Shammi Khan, J, Sameer Kakar, T
State Bank of India – Appellant
Versus
Jatin Rajnikant Mehta – Respondent
| Table of Content |
|---|
| 1. the tribunal affirms competence to initiate insolvency resolution against personal guarantors. (Para 1 , 3 , 7 , 9 , 44) |
| 2. highlights the authority of the tribunal regarding recall and review powers of its final orders. (Para 2 , 24 , 31) |
| 3. focuses on procedural integrity and grounds for rejection. (Para 19 , 20) |
ORDER
[Per: Bench]
1. The present application CP(IB) No.06 of 2022 is an application filed on 30.08.2021 by the Applicant/Financial Creditor filed U/s 95 of 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 commencement of Insolvency Resolution Process against one Mr. Jatin Rajnikant Mehta, Personal Guarantor of Corporate Debtor- Winsome Diamonds and Jewellery Limited – earlier known as the SU-RAJ Diamonds and Jewellery Limited for a default amount of Rs.457,31,77,839/-. The Respondent/Personal Guarantor stood as Guarantor in respect for repayment of debt, interest, cost, charges and other expenses in respect of Deed of Guarantee dated 10.
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