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NATIONAL COMPANY LAW TRIBUNAL
Justice V. G. Bisht, Sh. Prabhat Kumar, JJ
Abhyudaya Co-Operative Bank Limited – Appellant
Versus
Mr. Devilal Hiramani Chapagain – Respondent
| Table of Content |
|---|
| 1. details of the parties and defaults (Para 1 , 2 , 3 , 4) |
| 2. financial creditor's claims and actions (Para 5 , 6 , 7 , 8 , 9 , 10 , 11 , 12) |
| 3. resolution professional's report and recommendations (Para 13 , 14) |
| 4. respondent's counterarguments against the petition (Para 15 , 16 , 17 , 18 , 19) |
| 5. court's analysis of the invocation of guarantees (Para 20 , 21 , 22 , 23 , 24 , 25 , 26 , 27 , 28) |
| 6. dismissal of the petition as premature (Para 29 , 30 , 31) |
ORDER
Brief Facts: -
1. The present petition is filed u/s. 95(1) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC, 2016/the Code") r/w. Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 by Abhyudaya Co-Operative Bank Limited (“hereinafter referred to as Applicant/Financial Creditor”) for the purpose of initiating Insolvency Resolution Process against Mr. Devilal Hiramani Chapagain (“hereinafter referred to as Personal Guarantor/Respondent”) for default of Rs. 37,88,09,227 /- (Rupees Thirty Seven Crore Eighty-Eight Lakh Nine Thousand and Two Hundred and Twenty Seven only).
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