IN THE NATIONAL COMPANY LAW TRIBUNAL, BENGALURU BENCH [Through Physical hearing/VC Mode (Hybrid)]

ITEM No.52 I.A. (IBC) No.995/2025 & Cont. Pet.16/2025 in C.P. (IB) No.240/BB/2025 IN THE MATTER OF:

Mr. K C M Gowda … Petitioner Vs.

M/s. Aditya Birla Capital Ltd. … Respondent Petition under Section 94 (1) of IBC, 2016 Order delivered on: 30.03.2026 CORAM:

SHRI SUNIL KUMAR AGGARWAL HON’BLE MEMBER (JUDICIAL)

SHRI RADHAKRISHNA SREEPADA HON’BLE MEMBER (TECHNICAL)

COUNSELS PRESENT:

For the Petitioner : Shri Theerthesh B.S.

For the Respondent : Appeared

ORDER

1. Heard Ld. Counsels for the parties.

2. Vide separate order the IA & petition have been dismissed. Consequently, proceedings in Contempt Petition are closed. File be consigned to the record room.

-Sd- -Sd-

RADHAKRISHNA SREEPADA SUNIL KUMAR AGGARWAL MEMBER (TECHNICAL) MEMBER (JUDICIAL)

Shruthi

IN THE NATIONAL COMPANY LAW TRIBUNAL BENGALURU BENCH, (Exercising powers of Adjudicating Authority under The Insolvency and Bankruptcy Code, 2016) [Through Physical hearing/VC Mode (Hybrid)]

C.P. (IB) No 240/BB/2025 & I.A No.995/2025 Under Section 94(1) of the IBC, 2016 read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 IN THE MATTER OF:

Mr. K C M Gowda #99, 2nd Cross, Near ISRO Layout, Sri Sai Layout Harohalli, Singanayakanahalli, Bangalore Karnataka 560 064 …. Applicant/ Personal Guarantor VERSUS Aditya Birla Capital Limited No. 1(78), Star Avenue, 6th Cross Victoria Layout, Bangalore Karnataka 560 025 ….Financial Creditor Ace Embedded Intensive Care Units Private Limited CIN: U74999KA2018PTC114976 Plot No. Special Q3&R, No 9, TKN Tower, Bannerghatta Road, Bangalore South, Bangalore, KA 560 076. ….Corporate Debtor Coram: 1. Shri Sunil Kumar Aggarwal, Hon’ble Member (Judicial)

2. Shri Radhakrishna Sreepada, Hon’ble Member (Technical)

PRESENT:

For the Petitioner/ Personal Guarantor : Shri Theerthesh B.S.

For the Respondent : Shri Ahaan Mohan Order delivered on: 30.03.2026.

ORDER

CP IB 240/2025 :

1. This Voluntary Insolvency Petition has been filed by Mr. K C M Gowda, claiming to be the Personal Guarantor of Ace Embedded Intensive Care Units Private Limited, respondent No.2/Corporate Debtor under section 94(1) of the Insolvency and Bankruptcy Code, 2016 (“Code/IBC”) read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 in respect of the loan availed by respondent no.2 from the Financial Creditor, respondent no.1.

2. The Brief facts of the case, as available on record of the case are as follows:

i. The Petitioner is one of the Personal Guarantor of the Corporate Debtor and has filed a petition under section 94(1) of the Code to initiate personal insolvency against himself. The Petitioner further submits that the total amount of debt and default committed by the Corporate Debtor is Rs.6,35,13,678/- (Rupees Six Crore Thirty-Five Lakh Thirteen Thousand Six Hundred and Seventy Eight Only).

ii. It is submitted by the petitioner that the Corporate Debtor had availed financial facilities from the Financial Creditor but subsequently defaulted in meeting its repayment obligations. The Financial Creditor has classified the accounts of the Corporate Debtor as Non-Performing Asset (NPA) and invoked the Personal Guarantee of Mr. K C M Gowda through Demand Notice dated 20.05.2025, issued u/s 13 (2) of The SARFAESI Act, 2002 on

27.06.2023. IA 995/2025

3. In furtherance of main petition, the Applicant has preferred this application stating as follows:

(i) The Applicant is an obligor in respect of the loan availed by the Corporate Debtor and has mortgaged his immovable property as collateral security to secure the said borrowings.

(ii) Under the Facility Agreement dated 11.11.2023, the Applicant is a signatory and is defined as an “Obligor”, having undertaken joint and several liab