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NATIONAL COMPANY LAW TRIBUNAL
Shri Sunil Kumar Aggarwal, Shri Radhakrishna Sreepada, JJ
Indian Bank – Appellant
Versus
Mr. R. Sudarshan – Respondent
| Table of Content |
|---|
| 1. initiation of insolvency process against personal guarantor. (Para 1 , 2 , 3 , 4 , 5) |
| 2. court's observations on the process and respondent's lack of response. (Para 11 , 12 , 13 , 14 , 15) |
| 3. admission of application and declaration of moratorium. (Para 18 , 19 , 20 , 21 , 22 , 23 , 24 , 25) |
ORDER
2. It is stated that Indian Bank/ Financial Creditor had granted various credit facilities (which includes Term Loan, Cash Credit and Bank Guarantee) to the Corporate Debtor and the total default amount including interest and penal interest as on 31.12.2023 is Rs.2,61,63,20,443 (Two Hundred Sixty-One Crores Sixty-Three Lakhs Twenty Thousand Four Hundred and Forty-Three Only).
4. The Personal Guarantor of Corporate Debtor had guaranteed repayment of dues of the Corporate Debtor along with all liabilities by executing personal guarantee dated 30.08.2017 for securing the financial facilities sanctioned by the Financial Creditor and therefore the Financial Creditor issued a Demand notice dated 18.01.2024 to the Personal Guarantors under Section 95 of the IBC, 2016 read with Rule 7(1) of the Insolvency and Bankruptcy (Application to the Adjudicating Authority for IRP for Persona
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