The case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), Ahmedabad, which dismissed the Appellant's application under Section 94(1) of the Insolvency and Bankruptcy Code (IBC) as not maintainable. The Appellant, Divyang Soni, is a personal guarantor for a loan availed by M/s Shree Mukt Jewellers Baroda Pvt Ltd (Corporate Debtor) from Bank of Baroda. The Corporate Debtor was classified as a Non-Performing Asset (NPA), and the bank invoked the personal guarantee. The bank initiated recovery proceedings before the Debt Recovery Tribunal (DRT), which led to the auction of mortgaged property. The Appellant argued that the recoveries made through the DRT proceedings should extend the limitation period for filing the application under
…M/s Shree Mukt Jewellers Baroda Pvt Ltd (Corporate Debtor) availed credit facilities from Bank of Baroda. Divyang Soni acted as a personal guarantor, executing a guarantee agreement on 2013-09-28 for Rs. 201 Crores. The Corporate Debtor was classified as an NPA on 2016-02-27. The bank issued a demand notice on 2016-08-06 and invoked the personal guarantee. The bank filed Original Application No. 551/2016 before the Debt Recovery Tribunal-II, Ahmedabad, which was allowed on 2017-01-09. A Recovery Certificate No. 14/2017 was issued. The DRT scheduled an auction of the mortgaged property on 2024-01-30, which was successfully conducted, with the bank receiving Rs. 22.42 Cr. The Appellant filed an application under Section 94 of the IBC, which was dismissed by the
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Divyang Soni executed a…
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The case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), Ahmedabad, which dismissed the Appellant's application under Section 94(1) of the Insolvency and Bankruptcy Code (IBC) as not maintainable. The Appellant, Divyang Soni, is a personal guarantor for a loan availed by M/s Shree Mukt Jewellers Baroda Pvt Ltd (Corporate Debtor) from Bank of Baroda. The Corporate Debtor was classified as a Non-Performing Asset (NPA), and the bank invoked the personal guarantee. The bank initiated recovery proceedings before the Debt Recovery Tribunal (DRT), which led to the auction of mortgaged property. The Appellant argued that the recoveries made through the DRT proceedings should extend the limitation period for filing the application under
…M/s Shree Mukt Jewellers Baroda Pvt Ltd (Corporate Debtor) availed credit facilities from Bank of Baroda. Divyang Soni acted as a personal guarantor, executing a guarantee agreement on 2013-09-28 for Rs. 201 Crores. The Corporate Debtor was classified as an NPA on 2016-02-27. The bank issued a demand notice on 2016-08-06 and invoked the personal guarantee. The bank filed Original Application No. 551/2016 before the Debt Recovery Tribunal-II, Ahmedabad, which was allowed on 2017-01-09. A Recovery Certificate No. 14/2017 was issued. The DRT scheduled an auction of the mortgaged property on 2024-01-30, which was successfully conducted, with the bank receiving Rs. 22.42 Cr. The Appellant filed an application under Section 94 of the IBC, which was dismissed by the
…Divyang Soni executed a…
The Corporate Debtor…