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NATIONAL COMPANY LAW TRIBUNAL
SH. RAMMURTI KUSHAWAHA, SH. CHARAN SINGH, JJ
State Bank of India – Appellant
Versus
Mrs. Lata Devi Agarwal – Respondent
| Table of Content |
|---|
| 1. insolvency petition filed under ibc. (Para 1 , 2 , 3) |
| 2. resolution professional's report and procedures. (Para 4 , 5) |
| 3. key legal question on insolvency process. (Para 6 , 7 , 8 , 9) |
| 4. legal obligations of creditors under ibc. (Para 10 , 11 , 12 , 13) |
| 5. invocation of guarantee and its requirements. (Para 14 , 15 , 16) |
| 6. demand notice requirements under ibc. (Para 17 , 18 , 19) |
| 7. court's decision on insolvency process. (Para 20) |
| 8. conclusion and dismissal of petition. (Para 21) |
ORDER
2. The brief averments of the Petitioner are:
2.2. It is averred that the Personal Guarantor executed an irrevocable and continuing Deed of Guarantee on 28.01.2012 to secure the credit facilities extended to the Corporate Debtor. Under the said agreement, the Guarantor agreed to pay on demand, all dues including principal, interest, and related costs, and to indemnify the Financial Creditor against any losses due to the Corporate Debtor’s default. Subsequently, the Corporate Debtor defaulted on its obligations and the loan account was declared as Non-Performing Asset (NPA) on 13.10.2013. Consequently, the Financial Creditor filed application OA.No.1578/2017 in the Hon’ble DRT, Hyderabad,
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