The petitioner, Sanjay Sarin, stood as a guarantor for a loan facility. He is aggrieved by the recovery action initiated by Canara Bank (Respondent No. 1) against the borrower, Alphabet Heights Pvt. Ltd. (Respondent No. 3), and himself, under the SARFAESI Act, 2002. A resolution plan for the borrower was approved under Section 31 of the IBC, 2016. The petitioner argues that the bank's claims were addressed by the resolution plan approved by the NCLT, and therefore, the bank should not seek recovery for amounts exceeding the approved amount. The petitioner seeks a mandamus to that effect.
Mr. Sanjay Sarin, the petitioner, stood as a guarantor for a loan of Rs. 34 crores advanced by Canara Bank (formerly Syndicate Bank) to Alphabet Heights Pvt. Ltd. The corporate insolvency resolution process (CIRP) was initiated against Alphabet Heights Pvt. Ltd. in 2018. Canara Bank, as a financial creditor, participated in the CIRP and filed a claim of Rs. 10,35,18,740/- before the NCLT. A resolution plan was approved by the NCLT on February 20, 2020. Under the plan, Apex Heights Pvt. Ltd. was to pay Rs. 10,35,00,000/- to Canara Bank, but defaulted after paying Rs. 3 crores. Subsequently, Canara Bank initiated proceedings under Section 13(4) and Section 14 of the SARFAESI Act against the petitioner, seeking possession of the security offered by the guarantor
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Respondent No. 1 issued a demand notice under…
A resolution plan was…
The petitioner, Sanjay Sarin, stood as a guarantor for a loan facility. He is aggrieved by the recovery action initiated by Canara Bank (Respondent No. 1) against the borrower, Alphabet Heights Pvt. Ltd. (Respondent No. 3), and himself, under the SARFAESI Act, 2002. A resolution plan for the borrower was approved under Section 31 of the IBC, 2016. The petitioner argues that the bank's claims were addressed by the resolution plan approved by the NCLT, and therefore, the bank should not seek recovery for amounts exceeding the approved amount. The petitioner seeks a mandamus to that effect.
Mr. Sanjay Sarin, the petitioner, stood as a guarantor for a loan of Rs. 34 crores advanced by Canara Bank (formerly Syndicate Bank) to Alphabet Heights Pvt. Ltd. The corporate insolvency resolution process (CIRP) was initiated against Alphabet Heights Pvt. Ltd. in 2018. Canara Bank, as a financial creditor, participated in the CIRP and filed a claim of Rs. 10,35,18,740/- before the NCLT. A resolution plan was approved by the NCLT on February 20, 2020. Under the plan, Apex Heights Pvt. Ltd. was to pay Rs. 10,35,00,000/- to Canara Bank, but defaulted after paying Rs. 3 crores. Subsequently, Canara Bank initiated proceedings under Section 13(4) and Section 14 of the SARFAESI Act against the petitioner, seeking possession of the security offered by the guarantor
…Respondent No. 1 issued a demand notice under…
A resolution plan was…