ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON 09.06.2026 THROUGH VIDEO CONFERENCE

IN THE MATTER OF: Aditya Birla Finance Ltd

Vs

G Thiyagarajan

MAIN PETITION NUMBER: CP(IB)/43(CHE)/2024

(IA/MA) APPLICATION NUMBERS: IA(IBC)/799(CHE)2024

ORDER

CP(IB)/43(CHE)/2024

IA(IBC)/799(CHE)2024

Present: None for the Petitioner.

Mr. Ullasa, Ld. PCS for the IRP.

Mr. S.Satish, Ld. Counsel for the Personal Guarantor.

Vide common order pronounced in the open Court, petition is admitted.

Insolvency proceedings are initiated against the Respondent / Personal Guarantor viz., Mr. G Thiyagarajan.

Mr. Ravindra Beleyur is appointed as RP.

The report of the IRP is taken on record and the Application IA/799/2024 is disposed of.

COMMON ORDER

(Heard through Video Conferencing)

This petition CP(IB)/43(CHE)/2024 under Section 95 of IBC, 2016 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 has been filed by Aditya Birla Finance Limited (“Financial Creditor”) against G. Thiyagarajan (“Personal Guarantor”) who stood guarantee for the loan availed by the Corporate Debtor, Velohar Infra Private Limited. The prayer made in the petition is to initiate insolvency resolution process against the Personal Guarantor.

Part-I of the petition sets out the details of the Petitioner, Aditya Birla Finance Limited. Its office is situated at Unit # 10 & 12, 4th & 6th Floor, Oval, Venkatanarayana Road, T. Nagar, Chennai-600 017.

Part-II of the petition sets out the details of the Personal Guarantor, Shri. G. Thiyagarajan. He has been living at No. 23A, Narmadha S T, 4th Main Road, IAS/IPS Colony, Manapakkam, Chennai–600 125.

Part-III of the petition sets out the details of debt and date of default. The amount of debt and default is stated as Rs.3,65,28,644 and date of default is stated as 01.11.2017.

As per the averments made in the petition, the Corporate Debtor, Velohar Infra Private Limited availed loan facilities from the Petitioner, Aditya Birla Finance Limited and executed a loan agreement dated 24.01.2014. Under the agreement in the form of Working Capital Demand amounting to Rs.2,98,00,000/- and overdraft for an amount of Rs.52,00,000/- were extended to the Corporate Debtor. The Corporate Debtor executed the mortgage in favour of the creditor along with the original title deeds as a security for the debt. The Petitioner has placed the statement of accounts maintained by it in the due course of business. It has also filed the sanction letter, term loan agreement and mortgage deed.

It is stated that the repayment towards the loan was guaranteed by G. Thiyagarajan and Mrs. Vijayalakshmi Subburaj, in favour of the Petitioner by executing the Deed of Guarantee for the entire loan amount together with interest. The Petitioner has also placed the Deed of Guarantee dated 24.01.2014.

It is stated that the Corporate Debtor defaulted in repayment of the loan resulting the loan becoming NPA on 01.11.2017. A notice of demand under Section 13(2) of the SARFAESI Act was issued on 03.11.2017 invoking the Personal Guarantee dated 24.01.2014 but the Corporate Debtor and the Guarantors failed to make the payment, hence this petition under Section 95 has been filed against the Personal Guarantor, G. Thiyagarajan on 09.06.2023.

On this petition, this Tribunal vide an order dated 08.03.2024, appointed Shri. Ravindra Beleyur as the Interim Resolution Professional to give his report under Section 99 of IBC, 2016. He filed the report vide IA(IBC)/799(CHE)/2024 on 03.04.2024 recommending for initiation of insolvency proceedings against the Respondent/Personal Guarantor.

The Respondent on getting notice of the petition and the report, filed his reply / counter stating that the petition is barred by limitation. As per the petition, the date of default is 01.11.2017 but the petition has been filed on 09.0