The appeal was filed by the Appellant (Personal Guarantor) under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging the order dated 10.09.2024 passed by the NCLT, New Delhi, Bench –III (Adjudicating Authority), which admitted CP (IB) No. 26 of 2024 filed by the Union Bank of India (Financial Creditor) under Section 95 of the Code and initiated personal insolvency against the Appellant/Personal Guarantor.
The Appellant, Ujwal Gupta, is a personal guarantor for credit facilities availed by M/s Green World International Pvt. Ltd. from Union Bank of India.
A deed of guarantee was executed by the Appellant on 01.03.2013 in favor of Union Bank of India.
The loan account of M/s Green World International Pvt. Ltd. was classified as Non-Performing Asset (NPA) on 30.01.2016.
Union Bank of India issued a notice under Section 13(2) of the SARFAESI Act on 29.02.2016 to M/s Green World International Pvt. Ltd. and its guarantors, including the Appellant.
Union Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate personal insolvency against the Appellant.
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Sanction letter…
A deed of guarantee was…
The appeal was filed by the Appellant (Personal Guarantor) under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging the order dated 10.09.2024 passed by the NCLT, New Delhi, Bench –III (Adjudicating Authority), which admitted CP (IB) No. 26 of 2024 filed by the Union Bank of India (Financial Creditor) under Section 95 of the Code and initiated personal insolvency against the Appellant/Personal Guarantor.
The Appellant, Ujwal Gupta, is a personal guarantor for credit facilities availed by M/s Green World International Pvt. Ltd. from Union Bank of India.
A deed of guarantee was executed by the Appellant on 01.03.2013 in favor of Union Bank of India.
The loan account of M/s Green World International Pvt. Ltd. was classified as Non-Performing Asset (NPA) on 30.01.2016.
Union Bank of India issued a notice under Section 13(2) of the SARFAESI Act on 29.02.2016 to M/s Green World International Pvt. Ltd. and its guarantors, including the Appellant.
Union Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate personal insolvency against the Appellant.
…Sanction letter…
A deed of guarantee was…