The appeals challenge orders admitting proceedings under Section 95 of the I&B Code against the Appellants, who are Personal Guarantors, based on a debt owed by the Corporate Debtor.
A Personal Guarantee bond was executed by the Appellant on 06.10.2014, ensuring the advancement of a Loan to the Corporate Debtor.
The Corporate Debtor was declared as NPA (Non-Performing Asset) on 13.10.2015.
Demand notice under Section 13 (2) of the SARFAESI Act, 2002, was issued on 01.11.2015.
The Debt Recovery Certificate (DRC No. 176 of 2019) was issued on 09.07.2019.
A demand notice was issued by the Recovery Officer, DRT on 22.07.2020.
A demand notice under Rule 7 was issued on 29.12.2021, raising a demand with regard to the amount due to be paid by the Appellants.
Respondent No. 1 filed an application under Section 95 of the I & B Code, 2016, on 05.07.2023.
The Adjudicating Authority dismissed the proceedings on 25.05.2023, due to non-service of the demand notice.
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A Personal Guarantee…
The Corporate Debtor…
The appeals challenge orders admitting proceedings under Section 95 of the I&B Code against the Appellants, who are Personal Guarantors, based on a debt owed by the Corporate Debtor.
A Personal Guarantee bond was executed by the Appellant on 06.10.2014, ensuring the advancement of a Loan to the Corporate Debtor.
The Corporate Debtor was declared as NPA (Non-Performing Asset) on 13.10.2015.
Demand notice under Section 13 (2) of the SARFAESI Act, 2002, was issued on 01.11.2015.
The Debt Recovery Certificate (DRC No. 176 of 2019) was issued on 09.07.2019.
A demand notice was issued by the Recovery Officer, DRT on 22.07.2020.
A demand notice under Rule 7 was issued on 29.12.2021, raising a demand with regard to the amount due to be paid by the Appellants.
Respondent No. 1 filed an application under Section 95 of the I & B Code, 2016, on 05.07.2023.
The Adjudicating Authority dismissed the proceedings on 25.05.2023, due to non-service of the demand notice.
…A Personal Guarantee…
The Corporate Debtor…