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NATIONAL COMPANY LAW TRIBUNAL
Brajendra Mani Tripathi, Judicial Member, Man Mohan Gupta, Technical Member
State Bank of India – Appellant
Versus
Mahendra Kumar Rajpal – Respondent
| Table of Content |
|---|
| 1. sbi seeks irp against personal guarantor for corporate debt default (Para 1 , 2) |
| 2. respondent's failed rp replacement bid dismissed (Para 3 , 4) |
| 3. rp confirms debt, default, recommends irp initiation (Para 5 , 6) |
| 4. nclt jurisdiction valid despite cd liquidation; not time-barred (Para 7 , 8 , 9) |
| 5. sections 94-100 constitutionally valid per sc (Para 10 , 11) |
| 6. unchallenged guarantee, demand notice, no repayment (Para 12 , 13 , 14) |
| 7. co-extensive unconditional continuing guarantee liability (Para 15 , 16) |
| 8. application admitted; irp initiated against pg (Para 17 , 18) |
JUDGEMENT
1. The present application has been filed on 19.07.2021 under Section 95 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “Code”) read with 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 State Bank of India (hereinafter referred to as “Financial Creditor”/“Applicant”) for the purpose of initiating insolvency resolution process against Mahendra Kumar Rajpal (hereinafter referred to as “Respondent/Personal Guarantor”), Personal Guarantor of the M
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