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NATIONAL COMPANY LAW TRIBUNAL
Shri Rajeev Bhardwaj, Shri Sanjay Puri, JJ
Canara Bank – Appellant
Versus
Mr. Pannalal Agarwal – Respondent
| Table of Content |
|---|
| 1. insolvency petition process overview. (Para 1 , 2 , 3) |
| 2. arguments regarding maintainability and limitation. (Para 4 , 5) |
| 3. observations on debt existence and default. (Para 6 , 12 , 14 , 17 , 19) |
| 4. invocation and admissibility of guarantees. (Para 20 , 28 , 32) |
| 5. petition admission and insolvency initiation. (Para 33) |
| 6. final injunctions and procedural directives. (Para 34 , 35) |
ORDER
1. This Company Petition has been filed by Canara Bank (hereinafter also referred as ‘Financial Creditor/Petitioner’) under Section 95 (1) of ‘The Insolvency and Bankruptcy Code, 2016 ’, (hereinafter to be referred as ‘IBC’), read with Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, (hereinafter referred to as “Personal Guarantors Insolvency Rules, 2019), inter alia seeking an order for initiation of the Insolvency Resolution Process against the Mr. Pannalal Agarwal (herein after referred as Respondent no.1/Personal Guarantor), who stood as Personal Guarantor of M/s.Mansarovar Pearls (India) Private Limited, (hereinafter referred as ‘Corporate Debtor’) alleging non
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