The appeal arises from an order dated 01.02.2024 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Bench-II) in I.A. No. 5300/ND/2022 in C.P.(IB) No. 491/ND/2022, allowing an application filed under Section 95 of the IBC by the Respondent Bank for initiating insolvency resolution of the Appellant-Personal Guarantor.
Subhash Aggarwal joined J.V. Strips Ltd. as an Executive Director on 01.09.2008.
Aggarwal signed a personal guarantee on 25.08.2009 in favor of State Bank of India for a credit facility of Rs 41.25 Cr. extended to J.V. Strips Ltd., standing as a guarantor to the tune of Rs 3.84 Cr.
Aggarwal purportedly resigned from the Directorship of J.V. Strips Ltd. on 13.02.2012, with the resignation letter allegedly uploaded on the ROC portal.
The Respondent Bank renewed the credit facility multiple times after Aggarwal's resignation.
The account of J.V. Strips Ltd. was declared NPA on 25.07.2018.
Aggarwal informed the Respondent Bank on 29.10.2018 that he had resigned and had not signed any documents post-resignation.
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The appeal arises from an order dated 01.02.2024 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Bench-II) in I.A. No. 5300/ND/2022 in C.P.(IB) No. 491/ND/2022, allowing an application filed under Section 95 of the IBC by the Respondent Bank for initiating insolvency resolution of the Appellant-Personal Guarantor.
Subhash Aggarwal joined J.V. Strips Ltd. as an Executive Director on 01.09.2008.
Aggarwal signed a personal guarantee on 25.08.2009 in favor of State Bank of India for a credit facility of Rs 41.25 Cr. extended to J.V. Strips Ltd., standing as a guarantor to the tune of Rs 3.84 Cr.
Aggarwal purportedly resigned from the Directorship of J.V. Strips Ltd. on 13.02.2012, with the resignation letter allegedly uploaded on the ROC portal.
The Respondent Bank renewed the credit facility multiple times after Aggarwal's resignation.
The account of J.V. Strips Ltd. was declared NPA on 25.07.2018.
Aggarwal informed the Respondent Bank on 29.10.2018 that he had resigned and had not signed any documents post-resignation.
…Subhash Aggarwal joined…
Aggarwal signed a…