The appeal arises from an order dated 03.07.2024 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench-VI) in I.A. No. 317/2024 in C.P. (IB) No. 10/ND/2024, which dismissed I.A. No 317 of 2024 filed by the Appellant seeking restraint on the Respondent in the conduct of auction of sale notices dated 15.12.2023 under SARFAESI Act. The appellant, Ramesh Kumar Chugh, is a personal guarantor for a debt owed by M/s Sahil Home Loomtex Pvt. Ltd. A Section 95 petition under the IBC was filed against him by White Line Enterprises. The respondent, Assets Care & Construction Enterprises Ltd. (ACRE), initiated SARFAESI proceedings to recover debts owed by M/s Sheena Exports and M/s Sheena Textile Ltd., for which the appellant was a guarantor. The
…Ramesh Kumar Chugh (RKC), the Appellant, is a partner in M/s Sheena Exports and a guarantor for loan facilities availed by M/s Sheena Exports and M/s Sheena Textile Ltd. (STL) from various banks. These loans were later assigned to Assets Care & Construction Enterprises Ltd. (ACRE), the Respondent. Due to non-repayment of debt, ACRE initiated auction proceedings under the SARFAESI Act against properties of M/s Sheena Exports and STL. RKC is also a personal guarantor for the operational debt owed by M/s Sahil Home Loomtex Pvt. Ltd. to White Line Enterprises, which led to the filing of a Section 95 petition under the IBC against RKC. RKC then filed an application before the Adjudicating Authority to restrain ACRE from proceeding with the auction, arguing that the
…Sign in to view the parties.
Sale notices were issued for the auction of…
A Section 95 petition…
The appeal arises from an order dated 03.07.2024 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench-VI) in I.A. No. 317/2024 in C.P. (IB) No. 10/ND/2024, which dismissed I.A. No 317 of 2024 filed by the Appellant seeking restraint on the Respondent in the conduct of auction of sale notices dated 15.12.2023 under SARFAESI Act. The appellant, Ramesh Kumar Chugh, is a personal guarantor for a debt owed by M/s Sahil Home Loomtex Pvt. Ltd. A Section 95 petition under the IBC was filed against him by White Line Enterprises. The respondent, Assets Care & Construction Enterprises Ltd. (ACRE), initiated SARFAESI proceedings to recover debts owed by M/s Sheena Exports and M/s Sheena Textile Ltd., for which the appellant was a guarantor. The
…Ramesh Kumar Chugh (RKC), the Appellant, is a partner in M/s Sheena Exports and a guarantor for loan facilities availed by M/s Sheena Exports and M/s Sheena Textile Ltd. (STL) from various banks. These loans were later assigned to Assets Care & Construction Enterprises Ltd. (ACRE), the Respondent. Due to non-repayment of debt, ACRE initiated auction proceedings under the SARFAESI Act against properties of M/s Sheena Exports and STL. RKC is also a personal guarantor for the operational debt owed by M/s Sahil Home Loomtex Pvt. Ltd. to White Line Enterprises, which led to the filing of a Section 95 petition under the IBC against RKC. RKC then filed an application before the Adjudicating Authority to restrain ACRE from proceeding with the auction, arguing that the
…Sale notices were issued for the auction of…
A Section 95 petition…