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NATIONAL COMPANY LAW TRIBUNAL
Sanjiv Jain, Venkataraman Subramaniam, JJ
State Bank of India – Appellant
Versus
K Padmanaban – Respondent
| Table of Content |
|---|
| 1. petition filed for insolvency resolution process. (Para 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10) |
| 2. arguments regarding limitation and debt acknowledgment. (Para 11 , 12) |
| 3. court's analysis of loan and guarantee details. (Para 13 , 14 , 15 , 16) |
| 4. court's reasoning on limitation and guarantee nature. (Para 17 , 18 , 19 , 20 , 21 , 22 , 23) |
| 5. petition dismissed due to limitation. (Para 24) |
ORDER
1. This Petition has been filed u/s. 95 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC, 2016") r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for In solvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 by State Bank of India, Stressed Assets Management Branch (“Financial Creditor”) for initiating insolvency resolution process against Mr. K. Padmanbhan (“Personal Guarantor”) in respect to Default Amount of Rs. Rs.265,79,48,953.31/- (Rupees Two Hundred Sixty-Five Crore Seventy-Nine Lakh Forty-Eight Thousand Nine Hundred Fifty-Three and Thirty-One Paise Only) including interest and penalties. The Date of Default, as specified in Part-III of the present Petition, is 02.09.2012. T
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