The appeal was filed by State Bank of India (Financial Creditor) against the order dated 16.07.2024 passed by the National Company Law Tribunal, Indore Bench-I, which dismissed the application for initiation of insolvency resolution process against the personal guarantor, Shri Bernard John.
M/s GEI Industrial Systems Ltd., (Corporate Debtor) was incorporated on 28.12.1993.
The Corporate Debtor approached State Bank of India and other consortium banks for credit facilities.
On 24.03.2009 a loan agreement was executed between the Corporate Debtor and the Appellant.
Shri Bernard John, along with the Managing Director, Mr. C.E. Fernandes, executed a deed of guarantee in favor of the Appellant.
The account of the Corporate Debtor was classified as a Non-Performing Asset (NPA) on 28.05.2016.
The Appellant issued a demand-cum-recall notice dated 30.09.2016.
The ICICI Bank filed a recovery suit on 14.03.2017 before the Debts Recovery Tribunal.
Insolvency proceedings were initiated against the Corporate Debtor by M/s Beeta Kone Tools, an Operational Creditor.
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The National Company Law Tribunal, Indore…
The National Company Law Appellate Tribunal…
The appeal was filed by State Bank of India (Financial Creditor) against the order dated 16.07.2024 passed by the National Company Law Tribunal, Indore Bench-I, which dismissed the application for initiation of insolvency resolution process against the personal guarantor, Shri Bernard John.
M/s GEI Industrial Systems Ltd., (Corporate Debtor) was incorporated on 28.12.1993.
The Corporate Debtor approached State Bank of India and other consortium banks for credit facilities.
On 24.03.2009 a loan agreement was executed between the Corporate Debtor and the Appellant.
Shri Bernard John, along with the Managing Director, Mr. C.E. Fernandes, executed a deed of guarantee in favor of the Appellant.
The account of the Corporate Debtor was classified as a Non-Performing Asset (NPA) on 28.05.2016.
The Appellant issued a demand-cum-recall notice dated 30.09.2016.
The ICICI Bank filed a recovery suit on 14.03.2017 before the Debts Recovery Tribunal.
Insolvency proceedings were initiated against the Corporate Debtor by M/s Beeta Kone Tools, an Operational Creditor.
…The National Company Law Tribunal, Indore…
The National Company Law Appellate Tribunal…