The case involves two appeals (Company Appeal No. 1826 and 1827 of 2024) filed by Shri Amit Dineshchandra Patel and Shri Rahul Arunprasad Patel respectively, against the impugned order dated 17.05.2024 passed by the Adjudicating Authority, National Company Law Tribunal, Ahmedabad Bench in CP (IB) No. 76 (AHM) and 77 (AHM) of 2021. The appeals challenge the admission of Section 95(1) applications filed by State Bank of India for initiating insolvency resolution process against the Appellants as Personal Guarantors.
On 09.02.2016, State Bank of India (SBI), Bank of Baroda, and IDBI Bank entered into a Common Loan Agreement (CORLA) with Shirpur Power Private Limited for financing under a COR Facility Agreement.
A Security Trustee Agreement dated 21.09.2015 appointed SBI Cap as the Security Trustee for holding and dealing with the security, including the guarantee.
A Personal Guarantee Agreement (PGA) was signed by the Appellants (Amit Dineshchandra Patel and Rahul Arunprasad Patel) with SBI Cap as Security Trustee on 09.02.2016.
The account of Shirpur Power Private Limited was declared as NPA on 29.11.2017 by SBI.
On 10.05.2018, SBI recalled the loan amounts advanced under the CORLA.
On 02.06.2018, SBI invoked the personal guarantee of the Appellants and issued a demand certificate.
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SBI, Bank of Baroda, and IDBI Bank entered…
SBI Cap was appointed…
The case involves two appeals (Company Appeal No. 1826 and 1827 of 2024) filed by Shri Amit Dineshchandra Patel and Shri Rahul Arunprasad Patel respectively, against the impugned order dated 17.05.2024 passed by the Adjudicating Authority, National Company Law Tribunal, Ahmedabad Bench in CP (IB) No. 76 (AHM) and 77 (AHM) of 2021. The appeals challenge the admission of Section 95(1) applications filed by State Bank of India for initiating insolvency resolution process against the Appellants as Personal Guarantors.
On 09.02.2016, State Bank of India (SBI), Bank of Baroda, and IDBI Bank entered into a Common Loan Agreement (CORLA) with Shirpur Power Private Limited for financing under a COR Facility Agreement.
A Security Trustee Agreement dated 21.09.2015 appointed SBI Cap as the Security Trustee for holding and dealing with the security, including the guarantee.
A Personal Guarantee Agreement (PGA) was signed by the Appellants (Amit Dineshchandra Patel and Rahul Arunprasad Patel) with SBI Cap as Security Trustee on 09.02.2016.
The account of Shirpur Power Private Limited was declared as NPA on 29.11.2017 by SBI.
On 10.05.2018, SBI recalled the loan amounts advanced under the CORLA.
On 02.06.2018, SBI invoked the personal guarantee of the Appellants and issued a demand certificate.
…SBI, Bank of Baroda, and IDBI Bank entered…
SBI Cap was appointed…