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NATIONAL COMPANY LAW TRIBUNAL
SMT. BIDISHA BANERJEE, CMDE SIDDHARTH MISHRA, JJ
Indian Bank – Appellant
Versus
Mr. Biswanath Agarwal – Respondent
| Table of Content |
|---|
| 1. description of the credit facilities and defaults (Para 2 , 3 , 4 , 5 , 6) |
| 2. personal guarantor's failure to appear and respond (Para 7) |
| 3. process and recommendations for insolvency admission (Para 9 , 10 , 11 , 14) |
| 4. court's agreement on resolution professional's recommendations (Para 13) |
| 5. final admission of the application (Para 17 , 18 , 19 , 20) |
ORDER
In Company Petition (IB) No. 107 of 2024 Per: Siddharth Mishra, Member (Technical)
1. The Court Convened in a hybrid mode.
2. The Corporate Debtor along with its Guarantor had approached the Financial Creditor in the year 1987 to avail certain credit facility and after due consideration the Creditor sanctioned the said facilities by way of Working Capital, Cash Credit, Term Loan etc. To secure the loan facility, several security documents were executed by the Principal Borrower/Corporate Debtor and its guarantors.
3. The said credit facilities were enhanced, modified and renewed from time to time as the request of the corporate Debtor and its Guarantor. Further the said credit facility was also secured by Personal Guarantee of Mr. Biswanath Agarwal (Personal Guarantor herein) (See page no.217 of the petition for the
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