The appellant, Pankaj Chhabildas Sheth, a personal guarantor and director of the corporate debtor M/s Veer Wires Private Limited, challenged an NCLT order dated 11/5/2026. The NCLT had dismissed his petition filed under Section 94 of the Insolvency and Bankruptcy Code, 2016 (IBC). The corporate debtor had availed credit facilities from Abhyudaya Co-Operative Bank Ltd. (financial creditor), defaulted, and its accounts were classified as NPA. The financial creditor initiated SARFAESI proceedings and arbitration, leading to an award holding the corporate debtor and guarantors jointly and severally liable. The appellant had previously filed a Section 94 application which was dismissed as withdrawn due to a technicality, and subsequently filed a second Section 94
…Pankaj Chhabildas Sheth (appellant) is the personal guarantor of the Corporate Debtor (CD) and a director of M/s Veer Wires Private Limited.
The CD availed credit facilities from Abhyudaya Co-Operative Bank Limited (financial creditor).
The financial creditor sanctioned term loan facilities (TL1, TL2, TL3) amounting to ₹18,90,000/-, ₹5,50,000/-, and ₹24,00,000/- on 04/01/2020.
The appellant executed a personal guarantee deed on 31/1/2020, undertaking joint and several liabilities.
The CD subsequently availed an additional cash credit facility of ₹3,50,000,00/- on 02/03/2021.
The CD failed to discharge its financial obligations, and its loan accounts were classified as a Non-Performing Asset (NPA) on 31/7/2021.
…Sign in to view the parties.
Financial creditor sanctioned term loan…
Appellant executed a…
The appellant, Pankaj Chhabildas Sheth, a personal guarantor and director of the corporate debtor M/s Veer Wires Private Limited, challenged an NCLT order dated 11/5/2026. The NCLT had dismissed his petition filed under Section 94 of the Insolvency and Bankruptcy Code, 2016 (IBC). The corporate debtor had availed credit facilities from Abhyudaya Co-Operative Bank Ltd. (financial creditor), defaulted, and its accounts were classified as NPA. The financial creditor initiated SARFAESI proceedings and arbitration, leading to an award holding the corporate debtor and guarantors jointly and severally liable. The appellant had previously filed a Section 94 application which was dismissed as withdrawn due to a technicality, and subsequently filed a second Section 94
…Pankaj Chhabildas Sheth (appellant) is the personal guarantor of the Corporate Debtor (CD) and a director of M/s Veer Wires Private Limited.
The CD availed credit facilities from Abhyudaya Co-Operative Bank Limited (financial creditor).
The financial creditor sanctioned term loan facilities (TL1, TL2, TL3) amounting to ₹18,90,000/-, ₹5,50,000/-, and ₹24,00,000/- on 04/01/2020.
The appellant executed a personal guarantee deed on 31/1/2020, undertaking joint and several liabilities.
The CD subsequently availed an additional cash credit facility of ₹3,50,000,00/- on 02/03/2021.
The CD failed to discharge its financial obligations, and its loan accounts were classified as a Non-Performing Asset (NPA) on 31/7/2021.
…Financial creditor sanctioned term loan…
Appellant executed a…