This case involves an appeal filed by the Personal Guarantor of a Financial Creditor challenging an order passed by the National Company Law Tribunal (NCLT), Mumbai Bench. The NCLT order permitted the Financial Creditor to amend the date of default in its application under Section 95 of the Insolvency and Bankruptcy Code (IBC). The Financial Creditor, Punjab National Bank (PNB), had initially filed an application against the Personal Guarantor of M/s Poscho Steels Pvt. Ltd., claiming a default. The NCLT allowed the amendment of the date of default as pleaded in the rejoinder affidavit, giving the Personal Guarantor the liberty to object to the new date of default.
Punjab National Bank (PNB) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Sanjeeb Ranjeet Das, the Personal Guarantor of the Corporate Debtor, M/s Poscho Steels Pvt. Ltd., claiming a default of Rs.192,59,70,919.51/- as of 30.04.2022. PNB relied on a Demand Notice under Section 13(2) of the SARFAESI Act, 2002, dated 19.01.2022. The Corporate Debtor filed a reply stating that the Section 13(2) notice could not be used to invoke the Personal Guarantee. The Personal Guarantor also referred to a notice dated 22.12.2021. PNB filed a rejoinder affidavit, bringing on record a Demand Notice dated 22.12.2021, calling upon the Personal Guarantor to make payment. The date of default mentioned in the Company Petition was 01.12.2015
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Punjab National Bank…
Demand Notice under…
This case involves an appeal filed by the Personal Guarantor of a Financial Creditor challenging an order passed by the National Company Law Tribunal (NCLT), Mumbai Bench. The NCLT order permitted the Financial Creditor to amend the date of default in its application under Section 95 of the Insolvency and Bankruptcy Code (IBC). The Financial Creditor, Punjab National Bank (PNB), had initially filed an application against the Personal Guarantor of M/s Poscho Steels Pvt. Ltd., claiming a default. The NCLT allowed the amendment of the date of default as pleaded in the rejoinder affidavit, giving the Personal Guarantor the liberty to object to the new date of default.
Punjab National Bank (PNB) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Sanjeeb Ranjeet Das, the Personal Guarantor of the Corporate Debtor, M/s Poscho Steels Pvt. Ltd., claiming a default of Rs.192,59,70,919.51/- as of 30.04.2022. PNB relied on a Demand Notice under Section 13(2) of the SARFAESI Act, 2002, dated 19.01.2022. The Corporate Debtor filed a reply stating that the Section 13(2) notice could not be used to invoke the Personal Guarantee. The Personal Guarantor also referred to a notice dated 22.12.2021. PNB filed a rejoinder affidavit, bringing on record a Demand Notice dated 22.12.2021, calling upon the Personal Guarantor to make payment. The date of default mentioned in the Company Petition was 01.12.2015
…Punjab National Bank…
Demand Notice under…