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NATIONAL COMPANY LAW TRIBUNAL
Shri. Rajeev Bhardwaj, J, Shri. Sanjay Puri, T
BANK OF MAHARASHTRA – Appellant
Versus
Shri T. Manohar Rao – Respondent
| Table of Content |
|---|
| 1. initiation of bankruptcy proceedings (Para 1 , 2 , 3 , 4 , 5 , 6) |
| 2. procedure and responsibilities of bankruptcy trustee (Para 7 , 12 , 13 , 14 , 15 , 16 , 17 , 18 , 19 , 20 , 21 , 22 , 23 , 24 , 25 , 26 , 27 , 28 , 29 , 30) |
| 3. application for bankruptcy admission (Para 8 , 9 , 11) |
ORDER
1. The Petitioner/Financial Creditor has filed this Application under Section 123 R/w 60(2) of the IBC, 2016 R/w Rule 7 of the IBBI (Application to Adjudicating Authority Bankruptcy Process for Personal Guarantors to Corporate Debtor) Rules, 2019 to initiate Bankruptcy Proceedings against the Personal Guarantor/Respondent No.1 to Corporate Debtor.
2. The Petitioner is a Financial Creditor, who had granted aggregate credit facilities of Rs.14.35 Crores consisting of Rs.8.85 Crores in the form of Cash Credit and Rs.5.50 Crore in the form of Bank Guarantee limit in favour of Respondent No.2/Corporate Debtor vide sanction letter dated 17.08.2015. (Annexure III – Page Nos.15-19 of the Application).
3. The Respondent No.1 has provided his personal guarantee securing the repayment of the financial assistance availed by the Corporate Debtor vide Deed of Guarantee dated 20.08.2015, under which
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