This appeal challenges the NCLT's order dated 27.02.2024, which initiated personal insolvency proceedings against Nakul Gupta, an erstwhile director of Technofab Engineering Limited (Corporate Debtor - CD). The proceedings were based on an application by State Bank of India (SBI) following the CD's default on credit facilities. Nakul Gupta had provided a personal guarantee for the CD's loans.
Nakul Gupta, the Appellant, was an erstwhile Director of Technofab Engineering Limited (TEL), the Corporate Debtor.
State Bank of India (SBI), Respondent No.1, initiated personal insolvency proceedings against Nakul Gupta.
Mr. Rajesh Mittal, Respondent No.2, is the Resolution Professional in the Corporate Debtor's insolvency proceedings.
SBI had been granting loan/credit facilities to TEL since 17.04.2009.
On 11.10.2017, a total credit facility of ₹907 Crore was sanctioned to TEL by a consortium of banks led by Bank of India (BOI), with SBI being a member. SBI's share was ₹117 Crore.
On 17.10.2017, Nakul Gupta, along with other directors, executed a Working Capital Consortium Agreement, Joint Deed of Hypothecation, and Deeds of Guarantee in favor of the BOI consortium.
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State Bank of India (SBI) began granting…
Credit facilities for a total amount of ₹907…
This appeal challenges the NCLT's order dated 27.02.2024, which initiated personal insolvency proceedings against Nakul Gupta, an erstwhile director of Technofab Engineering Limited (Corporate Debtor - CD). The proceedings were based on an application by State Bank of India (SBI) following the CD's default on credit facilities. Nakul Gupta had provided a personal guarantee for the CD's loans.
Nakul Gupta, the Appellant, was an erstwhile Director of Technofab Engineering Limited (TEL), the Corporate Debtor.
State Bank of India (SBI), Respondent No.1, initiated personal insolvency proceedings against Nakul Gupta.
Mr. Rajesh Mittal, Respondent No.2, is the Resolution Professional in the Corporate Debtor's insolvency proceedings.
SBI had been granting loan/credit facilities to TEL since 17.04.2009.
On 11.10.2017, a total credit facility of ₹907 Crore was sanctioned to TEL by a consortium of banks led by Bank of India (BOI), with SBI being a member. SBI's share was ₹117 Crore.
On 17.10.2017, Nakul Gupta, along with other directors, executed a Working Capital Consortium Agreement, Joint Deed of Hypothecation, and Deeds of Guarantee in favor of the BOI consortium.
…State Bank of India (SBI) began granting…
Credit facilities for a total amount of ₹907…