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NATIONAL COMPANY LAW TRIBUNAL
Brajendra Mani Tripathi, Member (J), Man Mohan Gupta, Member (T)
State Bank of India – Appellant
Versus
Neeta Rajpal – Respondent
| Table of Content |
|---|
| 1. financial creditor seeks irp against personal guarantor for corporate debt default. (Para 1 , 2) |
| 2. rp report confirms debt; respondent's rp replacement bid dismissed. (Para 3 , 4 , 5 , 6) |
| 3. jurisdiction and limitation upheld; constitutional validity affirmed. (Para 7 , 8 , 9 , 10 , 11) |
| 4. co-extensive guarantee liability established; no repayment. (Para 12 , 13 , 14 , 15 , 16) |
| 5. application admitted; irp initiated with moratorium and rp directions. (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 Neeta Rajpal (hereinafter referred to as “Respondent/Personal Guarantor”), Personal Guarantor of the M/s Rajpal Autolink Private Limited (hereinafter referred to as “Corporate Debtor”) having Corporate Identification
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