Two appeals (Company Appeal (AT) (Ins.) No. 772 of 2025 by Vijay Pandey and No. 773 of 2025 by Maya Pandey) were filed against identical orders dated 13.02.2025 passed by the National Company Law Tribunal (NCLT), Allahabad Bench. These orders allowed applications filed by Small Industries Development Bank of India (SIDBI) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC), initiating Personal Insolvency Resolution Process (PIRP) against the appellants. The appellants, husband and wife, are personal guarantors to the corporate debtor, M/s Bhartiya Micro Credit, for a loan sanctioned by SIDBI. The core dispute revolves around whether the personal guarantees were validly invoked and served prior to the initiation of insolvency proceedings, as required
…Small Industries Development Bank of India (SIDBI), the Financial Creditor, sanctioned a loan facility to the corporate debtor M/s Bhartiya Micro Credit on 23.05.2017.
A term loan of Rs. 2,00,00,000/- was granted to the corporate debtor through a loan agreement executed on 22.09.2017.
Shri Vijay Pandey and Smt. Maya Pandey, directors of the corporate debtor and appellants herein, executed a Deed of Guarantee on 22.09.2017 in favour of the financial creditor.
Clause 03 of the Deed of Guarantee stipulated that the guarantor would be liable to pay outstanding dues "upon demand" by the financial creditor.
The corporate debtor's account was classified as a Non-Performing Asset (NPA) on 12.12.2019.
SIDBI recalled the loan from the Corporate Debtor on 01.06.2021.
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Small Industries Development Bank of India…
A term loan of Rs. 2,00,00,000/- was granted…
Two appeals (Company Appeal (AT) (Ins.) No. 772 of 2025 by Vijay Pandey and No. 773 of 2025 by Maya Pandey) were filed against identical orders dated 13.02.2025 passed by the National Company Law Tribunal (NCLT), Allahabad Bench. These orders allowed applications filed by Small Industries Development Bank of India (SIDBI) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC), initiating Personal Insolvency Resolution Process (PIRP) against the appellants. The appellants, husband and wife, are personal guarantors to the corporate debtor, M/s Bhartiya Micro Credit, for a loan sanctioned by SIDBI. The core dispute revolves around whether the personal guarantees were validly invoked and served prior to the initiation of insolvency proceedings, as required
…Small Industries Development Bank of India (SIDBI), the Financial Creditor, sanctioned a loan facility to the corporate debtor M/s Bhartiya Micro Credit on 23.05.2017.
A term loan of Rs. 2,00,00,000/- was granted to the corporate debtor through a loan agreement executed on 22.09.2017.
Shri Vijay Pandey and Smt. Maya Pandey, directors of the corporate debtor and appellants herein, executed a Deed of Guarantee on 22.09.2017 in favour of the financial creditor.
Clause 03 of the Deed of Guarantee stipulated that the guarantor would be liable to pay outstanding dues "upon demand" by the financial creditor.
The corporate debtor's account was classified as a Non-Performing Asset (NPA) on 12.12.2019.
SIDBI recalled the loan from the Corporate Debtor on 01.06.2021.
…Small Industries Development Bank of India…
A term loan of Rs. 2,00,00,000/- was granted…