The Appellant, Gaurav Aggarwal, filed an application before the Adjudicating Authority seeking a declaration that he is a personal guarantor, making the moratorium order applicable to his personal property. The Adjudicating Authority rejected this application on April 23, 2018, based on the Respondent's claim that the Appellant is a 'Co-Borrower' and not a 'Personal Guarantor'. The appellant referred to a demand notice issued by the respondent under Section 13(2) of the SARFAESI Act, suggesting it was issued to both the Corporate Debtor and the Appellant.
Gaurav Aggarwal filed an application claiming to be a personal guarantor, seeking moratorium benefits on his personal property. The Adjudicating Authority rejected his application, stating he was a co-borrower. Religare Finvest Ltd. issued a demand notice under Section 13(2) of the SARFAESI Act. The Respondent argued that Gaurav Aggarwal was a co-borrower with the Corporate Debtor, which was the reason the Corporate Debtor was shown as 'Applicant' and Gaurav Aggarwal and others were shown as 'Co-applicants'. The court found no evidence that Gaurav Aggarwal provided a personal guarantee to Religare Finvest Limited when Allied Strips Ltd. took the loan. Therefore, he could not claim moratorium benefits on his property under Section 13 of the SARFAESI Act.
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The Adjudicating…
Religare Finvest Ltd.…
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The Appellant, Gaurav Aggarwal, filed an application before the Adjudicating Authority seeking a declaration that he is a personal guarantor, making the moratorium order applicable to his personal property. The Adjudicating Authority rejected this application on April 23, 2018, based on the Respondent's claim that the Appellant is a 'Co-Borrower' and not a 'Personal Guarantor'. The appellant referred to a demand notice issued by the respondent under Section 13(2) of the SARFAESI Act, suggesting it was issued to both the Corporate Debtor and the Appellant.
Gaurav Aggarwal filed an application claiming to be a personal guarantor, seeking moratorium benefits on his personal property. The Adjudicating Authority rejected his application, stating he was a co-borrower. Religare Finvest Ltd. issued a demand notice under Section 13(2) of the SARFAESI Act. The Respondent argued that Gaurav Aggarwal was a co-borrower with the Corporate Debtor, which was the reason the Corporate Debtor was shown as 'Applicant' and Gaurav Aggarwal and others were shown as 'Co-applicants'. The court found no evidence that Gaurav Aggarwal provided a personal guarantee to Religare Finvest Limited when Allied Strips Ltd. took the loan. Therefore, he could not claim moratorium benefits on his property under Section 13 of the SARFAESI Act.
The Adjudicating…
Religare Finvest Ltd.…
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