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NATIONAL COMPANY LAW TRIBUNAL
Ms. Lakshmi Gurung, Sh. Hariharan Neelakanta Iyer, JJ
Asset Care and Reconstruction Enterprise Limited – Appellant
Versus
Divyesh Desai – Respondent
| Table of Content |
|---|
| 1. introduction and context of claims. (Para 1 , 2 , 3) |
| 2. claim of the applicant for financial creditor status. (Para 4) |
| 3. summary of arguments made in court. (Para 6 , 7 , 8 , 9) |
| 4. consideration of rp's email response. (Para 10 , 11) |
| 5. key legal question regarding financial debt. (Para 12) |
| 6. definition of financial debt under the code. (Para 13 , 14) |
| 7. interpretation of undertaking clauses. (Para 15 , 16) |
| 8. supreme court's interpretation of guarantee definitions. (Para 17 , 18 , 19) |
| 9. contract interpretation in context of guarantees. (Para 20 , 21) |
| 10. court's conclusion on the nature of obligations. (Para 22 , 23 , 24) |
| 11. clarification of roles of mortgagee and guarantor. (Para 25 , 26 , 27 , 28) |
| 12. comparison with previous judgments. (Para 29) |
| 13. final conclusions and orders issued. (Para 40 , 41) |
Per: Ms. Lakshmi Gurung, Member (Judicial
1. I.A. No. 3786/2024 and I.A. No. 3787/2024 involve common set of facts and similar reliefs, hence, they were heard together and are being disposed of by this common order.
2. The captioned IAs have been filed by Asset Care and Reconstruction Private Limited (ACRE/Applicant) against Resolution Professional of M/s Rajesh Estates and
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