# In the matter of Archana Deepak Wani vs. Indian Bank (erstwhile Allahabad Bank) & Ors. Company Appeal (AT) (Insolvency) No.301 of 2023

> NCLAT judgment dated 2023-04-26. Citation: TCN-2023-NCLAT-00572. The appeal was filed by the Suspended Director of the Corporate Guarantor, challenging the…

- **Court:** NCLAT
- **Order date:** 26 Apr 2023
- **Citation:** TCN-2023-NCLAT-00572
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/archana-deepak-wani-vs-indian-bank-0ca40886

## Summary

### Background

The appeal was filed by the Suspended Director of the Corporate Guarantor, challenging the order dated 24.02.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court IV, which admitted the application under Section 7 filed by Indian Bank. The Principal Borrower, M/s Poonam Resorts Ltd., obtained financial facility from Indian Bank (erstwhile Allahabad Bank). A Term Loan Agreement dated 23.03.2011 was entered between the Principal Borrower and the Bank, secured by a Corporate Guarantee dated 23.03.2011 issued by the Corporate Guarantor in favor of the Indian Bank. The Principal Borrower also executed an escrow agreement dated 23.03.2011 with the Bank. The Principal Borrower informed the Bank on 07.03.2012 that the project was

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## Facts

Archana Deepak Wani, the Suspended Director of the Corporate Guarantor, filed an appeal against the order of the Adjudicating Authority (NCLT, Mumbai Bench) dated 24.02.2023, which admitted a Section 7 application filed by Indian Bank against N Kumar Housing and Infrastructure Pvt. Ltd., the Corporate Guarantor. The Principal Borrower, M/s Poonam Resorts Ltd., obtained financial facilities from Indian Bank (formerly Allahabad Bank). A Term Loan Agreement dated 23.03.2011 was executed between the Principal Borrower and the Bank, secured by a Corporate Guarantee of the same date from N Kumar Housing and Infrastructure Pvt. Ltd. The Principal Borrower informed the Bank on 07.03.2012 about project delays. The Bank declared the Principal Borrower as NPA on 31.03.2017. The

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## Issues and analysis

### Issue 1: Whether default in payment of guaranteed amount by the Corporate Debtor is the same default as is …

**Ratio:** The liability of the surety is co-extensive with that of the principal debtor, unless it

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**Reasoning:** The court considered several judgments, including Margaret Lalita Samuel vs. Indo

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**Interpretation:** The court interpreted Section 3(11) and 3(12) of the IBC, along with Sections

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**Application:** The court examined the Deed of Guarantee, specifically clauses related to the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Archana Deepak…
- **Respondents:** N Kumar Housing…; Indian…

## Timeline

- **2011-03-23 — Term Loan Ag…**: Term Loan Agreement entered between Principal Borrower and Indian Bank, secured by…
- **2012-03-07 — Project…**: Principal Borrower informed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(11) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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