IN THE NATIONAL COMPANY LAW TRIBUNAL

AHMEDABAD

DIVISION BENCH

COURT - I

ITEM No.301

CP(IB)/72(AHM)2022

Proceedings under Section 94 IBC

IN THE MATTER OF:

Vijyaben Rasikbhai Thumar ........Applicant

(Personal Gaurantor)

V/s ........Respondent

Premraj Ramratan Laddha Liquidator of Corporate Debtor

Order delivered on 21/03/2024

Coram:

Mr. Shammi Khan, Hon’ble Member(J) Mr. Sameer Kakar, Hon,ble Member(T)

PRESENT:

For the Applicant : For the Respondent :

ORDER

The case is fixed for pronouncement of the order. The order is pronounced in the

open court, vide separate sheet.

-sd- -sd-

SAMEER KAKAR SHAMMI KHAN

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

BEFORE THE ADJUDICATING AUTHORITY NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH – I, AHMEDABAD Filed under Section 94 of the Insolvency & Bankruptcy Code, 2016 In the matter of Ms. Vijyaben Rasikbhai Thumar Ms. Vijyaben Rasikbhai Thumar Address: 4^th Floor, Sumangal Apartment, 4-Narmada Park Corner, Vidyakunj Society Main Road, Rajkot, Gujarat-360005.

… Applicant VERSUS

1. Premraj Ramratan Laddha, RP/Liquidator of Corporate Debtor

304, Abhijit-3, Above Pantaloon, Mithakhali-Law Garden road, Ellisbridge, Ahmadabad. 2. State Bank of India Stressed Assets Management Branch, Paramsiddhi Complex, 2^nd Floor, Opp. V.S. Hospital, Ellisbridge, Ahmadabad.

3. Oriental Bank of Commerce. Mangal Bhuvan, Yoginiketan Plot, Nirrnala Convent School Road, Rajkot - 360 007.

4. Corporation Bank Nijanand, Dhebar Road, P.B. No. 556 Rajkot -360 002

5. State bank of Hyderabad (Merged with State Bank of India)

Asharam Road Branch, Opp. A.U.D.A.

Nagindas Chamber, Usmanpura Ashram Road, Ahmedabad -380 041

6. International Asset Reconstruction Company Pvt. Ltd.

A/508, 5th Floor, 2015 Atrium Kanakia Saces, Andheri Kurla road, Andheri (E), Mumbai -400 069.

…Respondent Order pronounced on : 21.03.2024 CORAM:

Mr. SHAMMI KHAN, MEMBER (JUDICIAL)

Mr. SAMEER KAKAR, MEMBER (TECHNICAL)

APPEARANCE:

For the Applicant/PG : Mr. Rajesh Bohra, Advocate For the Respondent/SBI : Ms. Noopur Dalal, Advocate

O R D E R

1. This application has been filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016 by the Applicant/Personal Guarantor to initiate proceeding in terms of in terms of Rule 6 of the IB (AAA for IRP for PGCD)

Rules, 2019.

2. The present application is filed by Ms. Vijyaben Rasikbhai Thumar who is stated to be a guarantor to the Corporate Debtor- New Tech Forge and Foundry Ltd. On perusal of the application it is observed that, the Deed of Guarantee is not annexed to the present application.

3. It is stated that the Corporate Debtor namely, New Tech Forge and Foundry Ltd was dissolved vide order dated 18.12.2019 passed in I.A. No.374 of 2019 in CP (IB)

No.21/10/NCLT/AHM/2017.

4. However, the Applicant has filed copy of the Notice which refers to Demand Notices dated 30.11.2009 issued to the Corporate Debtor by the Respondent/State Bank of India U/s 13(2) of SARFAESI Act, 2002 which is annexed as Annexure-4 with the application.

5. On perusal of the notice issued by the Respondent/State Bank of India, it is observed that said notice was issued intimating only for the purpose of enforcing security interest created by Corporate Debtor and not to invoke any Personal Guarantee.

6. The learned Counsel for the Applicant may be right in his submission that by virtue of Demand Notice dated 30.11.2009 issued U/s 13(2) of the SARFAESI Act, 2002, the Applicant was also asked to make the payment of dues. But there is neither anything on record to show that any other notice has been issued by Respondent Bank to the Applicant in the capacity of Personal Guarantor to invoke the Personal Guarantee nor any steps have been taken by the Respondent Bank to recover the dues from the Applicant by sale of her personal assets except secured asset.

7. The Hon’ble NCLAT in its decision in the matter of Amanjyot Singh Vs. Navneet Kumar Jain & Ors (Company Appeal (AT) (Insolvency) No. 961 of 2022) has upheld the view taken by NCLT, Delhi dismissing an application filed by the Appellant und