The appeals challenge orders of the Adjudicating Authority (NCLT – IV, Mumbai) dated 09.12.2024 in C.P (IB) 15 of 2023 and C.P.(IB) 62 of 2023, dismissing petitions filed by the appellant/Financial Creditor under Sec.95 IBC for initiating insolvency proceedings against two personal guarantors of the principal borrower on the ground of limitation.
The appellant is a Nationalised Bank.
On 23.09.2009, the appellant advanced a loan of Rs.10.50 Crores to Asis Global Limited, for which the respondents gave personal guarantees.
The loan limit was subsequently enhanced to Rs. 18.0 crores and then to Rs. 20.0 crores.
The principal borrower did not repay the loan, and the loan was notified as NPA.
On 31.12.2013, the appellant issued a notice under Sec 13 (2) of SARFAESI Act, 2002.
On 09.08.2017, the borrower and the personal guarantor made an OTS proposal, which was accepted on 31.10.2017.
On 22.03.2018, the DRT issued a recovery certificate in O.A 1819 of 2016.
The borrower paid Rs. 2.50 crores in five installments after the acceptance of the OTS.
…Sign in to view the parties.
State Bank of India…
Appellant issued a…
The appeals challenge orders of the Adjudicating Authority (NCLT – IV, Mumbai) dated 09.12.2024 in C.P (IB) 15 of 2023 and C.P.(IB) 62 of 2023, dismissing petitions filed by the appellant/Financial Creditor under Sec.95 IBC for initiating insolvency proceedings against two personal guarantors of the principal borrower on the ground of limitation.
The appellant is a Nationalised Bank.
On 23.09.2009, the appellant advanced a loan of Rs.10.50 Crores to Asis Global Limited, for which the respondents gave personal guarantees.
The loan limit was subsequently enhanced to Rs. 18.0 crores and then to Rs. 20.0 crores.
The principal borrower did not repay the loan, and the loan was notified as NPA.
On 31.12.2013, the appellant issued a notice under Sec 13 (2) of SARFAESI Act, 2002.
On 09.08.2017, the borrower and the personal guarantor made an OTS proposal, which was accepted on 31.10.2017.
On 22.03.2018, the DRT issued a recovery certificate in O.A 1819 of 2016.
The borrower paid Rs. 2.50 crores in five installments after the acceptance of the OTS.
…State Bank of India…
Appellant issued a…