# Nandani Singh vs Sandeep Kr. Bhatt & Bank of Baroda

> NCLAT judgment dated 25 Mar 2026. Citation: TCN-2026-NCLAT-00097. Bank of Baroda (Respondent No.2) extended export-linked credit facilities to Theme…

- **Court:** NCLAT
- **Order date:** 25 Mar 2026
- **Citation:** TCN-2026-NCLAT-00097
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/nandani-singh-vs-sandeep-kr-bhatt-bank-of-baroda-8233582f

## Summary

### Background

Bank of Baroda (Respondent No.2) extended export-linked credit facilities to Theme Exports/Theme Exports Pvt. Ltd. (Corporate Debtor) from 2006, secured by an equitable mortgage and hypothecation. On 06.01.2017, the appellant, Nandani Singh, identified as a suspended director of the Corporate Debtor, executed a Deed of continuing Guarantee in favour of the Bank. The Corporate Debtor's loan account was classified as a Non-Performing Asset (NPA) on 07.01.2019, and subsequently, Bank of Baroda issued a notice under Sec.13(2) of the SARFAESI Act on 27.02.2019 to the principal borrower and guarantors. Following a petition by an operational creditor, the Corporate Debtor was admitted into CIRP on 29.08.2019, which led to a liquidation order on 29.07.2020. Bank of Baroda

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## Facts

From 2006, Bank of Baroda (Respondent No.2) extended export-linked credit facilities to Theme Exports/Theme Exports Pvt. Ltd. (Corporate Debtor), secured by equitable mortgage and hypothecation of movables, with fresh DPNs/hypothecation agreements between 2009-2014.

On 06.01.2017, loan facilities were re-sanctioned to about ₹30.12 crore, and the company acknowledged dues of about ₹27.77 crores.

On 06.01.2017, Nandani Singh (appellant), a suspended director of the corporate debtor, and others executed a stamped Deed of continuing Guarantee and acknowledgment in favour of the Bank.

On 07.01.2019, the loan account of the corporate debtor was classified as Non-Performing Asset (NPA).

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## Issues and analysis

### Issue 1: Whether the petition filed under Sec.95 IBC by the Bank of Baroda against the personal guarantor is …

**Ratio:** A deed of continuing guarantee becomes enforceable, and thus the cause of action for

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**Reasoning:** The Deed of Guarantee executed by the appellant is a continuing guarantee, becoming

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**Interpretation:** The date of invocation of a continuing guarantee, typically through a demand or

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**Application:** The NCLAT rejected the appellant's argument that the cause of action expired by

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## Parties

- **Judges:** N. Sesha…; Arun Ba…; +1 more
- **Appellants:** Nandani…
- **Respondents:** Theme Ex…; Theme Exports…; +2 more
- **Other parties:** Insolvency and…; Personal Gu…; +10 more

## Timeline

- **2006 — Credit Facilities…**: Bank of Baroda extended export-linked credit facilities to Theme Exports/Theme Exports…
- **2009-2014 — Hypothecation A…**: Fresh DPNs/hypothecation agreements were executed between Bank of Baroda and the…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/nandani-singh-vs-sandeep-kr-bhatt-bank-of-baroda-8233582f