The case involves an appeal against an order dated 21.07.2022 passed by the National Company Law Tribunal (NCLT), Bench-I, Hyderabad, in CP (IB) No. 335 / 95 / HDB / 2020. The appellant, Mahendra Kumar Agarwal, is the personal guarantor of Gati Infrastructure Bhamsey Power Pvt. Ltd. The appeal was filed due to the appellant being aggrieved by the impugned order. The NCLT had admitted a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, and appointed a Resolution Professional.
Mahendra Kumar Agarwal is the personal guarantor for Gati Infrastructure Bhamsey Power Pvt. Ltd. (GIBPPL). PTC India Financial Services Ltd. (PTC) extended financial assistance to GIBPPL, but GIBPPL defaulted on its repayment obligations. IFCI, the lead lender of the consortium, issued a recall notice and invoked the personal guarantee of Agarwal. PTC filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC) before the NCLT, Hyderabad, seeking to initiate insolvency proceedings against Agarwal as the personal guarantor. The NCLT admitted the petition, leading Agarwal to file an appeal before the NCLAT. Agarwal argued that the NCLT lacked jurisdiction because no corporate insolvency resolution process (CIRP) was pending against GIBPPL. PTC contended
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Order passed by the Adjudicating Authority…
Company Appeal (AT) (CH) (INS.) No. 8 of 2023…
The case involves an appeal against an order dated 21.07.2022 passed by the National Company Law Tribunal (NCLT), Bench-I, Hyderabad, in CP (IB) No. 335 / 95 / HDB / 2020. The appellant, Mahendra Kumar Agarwal, is the personal guarantor of Gati Infrastructure Bhamsey Power Pvt. Ltd. The appeal was filed due to the appellant being aggrieved by the impugned order. The NCLT had admitted a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, and appointed a Resolution Professional.
Mahendra Kumar Agarwal is the personal guarantor for Gati Infrastructure Bhamsey Power Pvt. Ltd. (GIBPPL). PTC India Financial Services Ltd. (PTC) extended financial assistance to GIBPPL, but GIBPPL defaulted on its repayment obligations. IFCI, the lead lender of the consortium, issued a recall notice and invoked the personal guarantee of Agarwal. PTC filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC) before the NCLT, Hyderabad, seeking to initiate insolvency proceedings against Agarwal as the personal guarantor. The NCLT admitted the petition, leading Agarwal to file an appeal before the NCLAT. Agarwal argued that the NCLT lacked jurisdiction because no corporate insolvency resolution process (CIRP) was pending against GIBPPL. PTC contended
…Order passed by the Adjudicating Authority…
Company Appeal (AT) (CH) (INS.) No. 8 of 2023…