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IN THE NATIONAL COMPANY LAW TRIBUNAL

DIVISION BENCH–I, CHENNAI

ATTENDANCE CUM ORDER SHEET OF THE HEARING

HELD ON 05.12.2025 THROUGH VIDEO CONFERENCING

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CORAM: HON’BLE SHRI. SANJIV JAIN, MEMBER (JUDICIAL)

HON’BLE SHRI. VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL

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IN THE MATTER OF : The Central Bank of India

Vs

G R Surana

MAIN PETITION NUMBER : CP(IB)/212(CHE)/2021

(IA/MA) APPLICATION NUMBERS

IA(IBC)/1592(CHE)/2025

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ORDER IN THE NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH – I, CHENNAI I.A.(IBC)/1592(CHE)/2025 In CP(IBC)/212(CHE)/2021 (filed under Section 121 & 123 of Insolvency and Bankruptcy Code, 2016, read with Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019)

Present: Ms. Clara Hepsiba, Ld. Counsel for the

Petitioner/Applicant/Central Bank of India.

None for the Personal Guarantor.

Vide separate order pronounced in the Open Court, bankruptcy proceedings be

initiated against the Respondent/Personal Guarantor.

Shri. V. Duraisamy is appointed as the Bankruptcy Trustee.

Sd/- Sd/-

VENKATARAMAN SUBRAMANIAM SANJIV JAIN MEMBER (TECHNICAL) MEMBER (JUDICIAL)

VS

Date: 05.12.2025

In the matter of Mr. Gauthamraj Surana Central Bank of India, Stressed Asset Management Branch 48/49, Ground floor, Montieth Road, Egmore, Chennai -600008.

…Applicant/Financial Creditor -vs-

Mr. Gauthamraj Surana Personal Guarantor of Surana Corporation Limited No.02, Vimala Street, Ayyavoo Colony, Aminjakarai, Chennai- 600 029 …Respondent Order pronounced on 05th December, 2025 CORAM :

SANJIV JAIN, MEMBER (JUDICIAL)

VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL)

For Petitioner: Mr. Ebebezar Inbaraj, Mr. S. Clara Hepsiba, Advocates ORDER

1. This application has been filed under Sections 123 of the Insolvency and Bankruptcy Code 2016 (hereinafter, IBC, 2016) read with IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 and NCLT Rules, 2016, to initiate Bankruptcy Process against the Personal Guarantor of Corporate Debtor.

Brief Facts

2. It is stated that loan facilities were availed by the Corporate Debtor i.e. Surana Corporation Limited, from the Financial Creditor/ Petitioner, for which the Respondent stood as guarantor and executed the Deed of Guarantee for securing repayment of the loan.

3. It is stated that the loan account of the Corporate Debtor became NPA on

28.06.2014. The Financial Creditor along with the other consortium banks, filed O.A. No. 693 of 2016 before the DRT 2, Chennai, against the Corporate Debtor and the Personal guarantors, for recovery of dues together with interest. It is stated that the DRT passed the order in favour of the Financial Creditor and other Consortium banks, on 30.11.2018 for a sum of Rs. 1732,01,57,936.39 (One Thousand Seven Hundred Thirty-Two Crore One Lakh Fifty-Seven Thousand Nine Hundred Thirty-Six and Thirty-Nine Paise) holding the Corporate Debtor and the guarantors jointly and severally liable to pay the amount together with interest @ 7.5% from the date of filing of O.A. till realisation. It is stated that the DRT issued a recovery certificate in DRC No. 145 of 2019 on 10.04.2019. It is stated that the respondent failed and committed default in paying the amount to the Financial Creditor.

4. It is stated that State Bank of India., filed Section 7 Petition in CP/550(IB)/CB/2018 against the Corporate Debtor, for initiating corporate insolvency resolution process and the Tribunal admitted the Petition vide an order dated 05.10.2018. It is stated that on an application filed by the RP for liquidating the Corporate Debtor, the Tribunal vide dated 25.10.2019 passed an order for liqu