IN THE NATIONAL COMPANY LAW TRIBUNAL

AHMEDABAD

COURT - 2

ITEM No.301

IA/265(AHM)2024 in C.P.(IB)/4(AHM)2024

Order under Section 100 of IBC,2016

IN THE MATTER OF:

Jaykumar Pesumal Arlani Resolution Professional Pankaj ........Applicant

Chandulal Shah

Order delivered on: 06/05/2024

Coram:

Mrs. Chitra Hankare, Hon’ble Member(J)

Dr. Velamur G Venkata Chalapathy, Hon’ble Member(T)

ORDER

The case is fixed for pronouncement of order.

The order is pronounced in open Court vide separate sheet -sd- -sd-

DR. V. G. VENKATA CHALAPATHY CHITRA HANKARE

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

IN THE NATIONAL COMPANY LAW TRIBUNAL AHMEDABAD (COURT - II)

[Under Section 94 of the Insolvency and Bankruptcy Code, 2016 read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019]

IN THE MATTER OF:

Mr. Pankaj Chandulal Shah …Applicant Versus Bank of Maharashtra & Ors. …Respondents Order pronounced on 06.05.2024 Coram:

MRS. CHITRA HANKARE HON’BLE MEMBER (JUDICIAL)

MR. VELAMUR G VENKATA CHALAPATHY HON’BLE MEMBER (TECHNICAL)

MEMO OF PARTIES Mr. Pankaj Chandulal Shah, Residing at:

Plot No. 48/49/50, Jintan Udhyog Nagar, Jintan Road, Surendranagar-363001 …Applicant Versus

1. Bank of Maharashtra, Having Branch Office at Zonal Office Ahmedabad, Mavlankar Haveli, Vasant Chowk, Bhadra, Ahmedabad-380001

2. Bank of Baroda, Having Branch Office at Maskati Market Branch, Bank of Baroda Bldg., Saakar Bazar, P.B.No. 1154, Ahmedabad-380002

3. Religare Finvest Limited, Having office at

1, Shittalvarsha Building, First Floor, Opp. Manan Auto Link, Vijay Cross Road, Navrangpura, Ahmedabad- 380009

4. IDFC First Bank Limited (Erstwhile known as ’Capital First Limited’)

Having office at KRM Tower, 7th Floor, No. 1, Harrington Road, Chetpet, Chennai-600031

5. Tata Capital Financial Service Limited Having office at TCL Shop No. 11 & 12, Ground Floor, Devnandan Mega Mall, Opp. Sanyash Ashram, Ellisbridge, Ahmedabad

6. HDFC Bank Limited, Having office at

3rd Floor, Shivalik, Nr. Drive In Cinema, Bodakdev, Ahmedabad-380052

7. Office of the Assistant Commissioner of Income Tax Circle 4(1)(1), Ahmedabad, Having office at Pratyakshkar Bhawan, Ahmedabad, B/H. Stock Exchange, Nr. Panjara Pole X Road, Ambawai, Ahmedabad-380006 …Respondents Present:

For PG : Mr. Arjun Padhiyar, Adv. a.w.

Mr. Aditya Pandya For the RP : Mr. Dheeraj Garg, Adv RP : Mr. Jaykumar Pesumal Arlani For Bank of Maharashtra : Mr. Raju Kothari, Adv.

JUDGEMENT

1. The Present Application is filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as "IBC, 2016") r/w Rule 6 (1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019.

2. M/s. Heer Tradelink Pvt. Ltd. (hereinafter referred to as Corporate Debtor) has obtained cash credit facility of Rs.10 Crores with the Bank of Maharashtra since 2012. The applicant was a Director of the Corporate Debtor apart from being a guarantor in his personal and individual capacity for the credit facilities availed by the Corporate Debtor. The date of default of payment is 29.06.2014. Bank of Maharashtra has issued demand notice under section 13(2) of SARFAESI Act, 2002 to the Corporate Debtor as well as the guarantor/applicant on 19.07.2014.

3. Part III of the application mentioned other particulars of Debt in which the one of the creditors is Bank of Baroda and the corporate debtor is Veer Commodities Private Limited.

Guarantee was executed by the M/s. Nuchem Corporation, a partnership firm in which applicant is one of the partners. Bank of Baroda has issued demand notice under section 13(2) of SARFAESI Act, 2002 to Veer Commodities Private Limited as well as to applicant on 07.10.2015.

4. On presentation of the application by the Applicant/ Personal Guarantor, this Authority vide order dated 11.01.2024 has appointed the Resolution Professional viz., Mr. Jaykumar Pesumal Arlani having Re