Phoenix ARC Private Limited (Appellant), an Asset Reconstruction Company, was assigned the loan account of M/s Raj Poly Products Limited (Corporate Debtor) from Janata Sahakari Co-operative Bank (Original Lender). Mr. Rajendra Himmatlal Salot and Ms. Hema Rajendra Salot (Respondents) are personal guarantors who executed Letters of Guarantee for the Corporate Debtor's cash credit facilities. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 28.12.2017. Subsequently, a recall notice and a demand notice under Section 13(2) of the SARFAESI Act were issued on 10.04.2018 and 12.04.2018, respectively, to both the Corporate Debtor and the personal guarantors, demanding repayment of Rs. 15,37,21,490/-. The Appellant later issued demand notices

Phoenix ARC Private Limited (Appellant), an Asset Reconstruction Company, was assigned the loan account of M/s Raj Poly Products Limited (Corporate Debtor) from Janata Sahakari Co-operative Bank (Original Lender). Mr. Rajendra Himmatlal Salot and Ms. Hema Rajendra Salot (Respondents) are personal guarantors who executed Letters of Guarantee for the Corporate Debtor's cash credit facilities. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 28.12.2017. Subsequently, a recall notice and a demand notice under Section 13(2) of the SARFAESI Act were issued on 10.04.2018 and 12.04.2018, respectively, to both the Corporate Debtor and the personal guarantors, demanding repayment of Rs. 15,37,21,490/-. The Appellant later issued demand notices