The case involves a writ petition filed by Kiran Gupta, the guarantor, against State Bank of India (SBI) and IBBI. SBI initiated proceedings under the SARFAESI Act against Kiran Gupta, the guarantor, while insolvency proceedings were already initiated against the principal borrower, Metenere Ltd., under the IB Code before the NCLT, Delhi. The petitioner challenged the bank's action, arguing that SARFAESI proceedings against the guarantor should be stayed during the pendency of insolvency proceedings against the principal borrower. The petitioner initially challenged various notifications issued by the Union of India, but later confined the relief to the action of the Bank of initiating proceedings against the petitioner under the SARFAESI Act when insolvency
…Kiran Gupta is the wife of the promoter of the principal borrower and stood as a guarantor for repayment of loans obtained by the principal borrower from State Bank of India (SBI). The principal borrower is Metenere Ltd. SBI filed an insolvency petition against Metenere Ltd. under the IB Code before the NCLT, Delhi. During the pendency of the insolvency proceedings, SBI issued a notice dated 06.09.2018 under Section 13(2) of the SARFAESI Act to Kiran Gupta, the guarantor. This was followed by a Possession Notice dated 16.07.2019, under Section 13(4) of the SARFAESI Act. These notices were challenged by Kiran Gupta by filing S.A.No.118/2019 before the Debts Recovery Tribunal-II, Delhi (DRT-II). S.A. No.188/2019 was withdrawn due to negotiations/settlement talks. A fresh
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SBI issued a Notice under Section 13(2) of the…
Issuance of a…
The case involves a writ petition filed by Kiran Gupta, the guarantor, against State Bank of India (SBI) and IBBI. SBI initiated proceedings under the SARFAESI Act against Kiran Gupta, the guarantor, while insolvency proceedings were already initiated against the principal borrower, Metenere Ltd., under the IB Code before the NCLT, Delhi. The petitioner challenged the bank's action, arguing that SARFAESI proceedings against the guarantor should be stayed during the pendency of insolvency proceedings against the principal borrower. The petitioner initially challenged various notifications issued by the Union of India, but later confined the relief to the action of the Bank of initiating proceedings against the petitioner under the SARFAESI Act when insolvency
…Kiran Gupta is the wife of the promoter of the principal borrower and stood as a guarantor for repayment of loans obtained by the principal borrower from State Bank of India (SBI). The principal borrower is Metenere Ltd. SBI filed an insolvency petition against Metenere Ltd. under the IB Code before the NCLT, Delhi. During the pendency of the insolvency proceedings, SBI issued a notice dated 06.09.2018 under Section 13(2) of the SARFAESI Act to Kiran Gupta, the guarantor. This was followed by a Possession Notice dated 16.07.2019, under Section 13(4) of the SARFAESI Act. These notices were challenged by Kiran Gupta by filing S.A.No.118/2019 before the Debts Recovery Tribunal-II, Delhi (DRT-II). S.A. No.188/2019 was withdrawn due to negotiations/settlement talks. A fresh
…SBI issued a Notice under Section 13(2) of the…
Issuance of a…