The case involves an application filed by Vijyaben Rasikbhai Thumar, a personal guarantor, under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, to initiate insolvency proceedings. The application pertains to a guarantee provided for the Corporate Debtor, New Tech Forge and Foundry Ltd., which was dissolved on 18.12.2019. The applicant argues that demand notices issued by the State Bank of India (SBI) to the Corporate Debtor, and the filing of an original application before the Debt Recovery Tribunal (DRT), Ahmedabad, amount to invocation of the personal guarantee. The respondent, SBI, contends that the notices were for enforcing security interest created by the Corporate Debtor and did not specifically invoke the personal guarantee. The NCLT is considering
…Vijyaben Rasikbhai Thumar, the Applicant, is a personal guarantor for the Corporate Debtor, New Tech Forge and Foundry Ltd. The Corporate Debtor was dissolved on 18.12.2019. The Applicant filed an application under Section 94(1) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate insolvency proceedings. The application is based on the premise that the Respondent, State Bank of India (SBI), invoked the personal guarantee by issuing demand notices dated 30.11.2009 to the Corporate Debtor under Section 13(2) of the SARFAESI Act, 2002, and by filing an original application before the Debt Recovery Tribunal (DRT), Ahmedabad. The Applicant contends that these actions establish a default, triggering the guarantee. The Respondent Bank argues that the demand
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New Tech Forge and Foundry Ltd was dissolved…
Demand Notices dated 30.11.2009 issued to the…
The case involves an application filed by Vijyaben Rasikbhai Thumar, a personal guarantor, under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, to initiate insolvency proceedings. The application pertains to a guarantee provided for the Corporate Debtor, New Tech Forge and Foundry Ltd., which was dissolved on 18.12.2019. The applicant argues that demand notices issued by the State Bank of India (SBI) to the Corporate Debtor, and the filing of an original application before the Debt Recovery Tribunal (DRT), Ahmedabad, amount to invocation of the personal guarantee. The respondent, SBI, contends that the notices were for enforcing security interest created by the Corporate Debtor and did not specifically invoke the personal guarantee. The NCLT is considering
…Vijyaben Rasikbhai Thumar, the Applicant, is a personal guarantor for the Corporate Debtor, New Tech Forge and Foundry Ltd. The Corporate Debtor was dissolved on 18.12.2019. The Applicant filed an application under Section 94(1) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate insolvency proceedings. The application is based on the premise that the Respondent, State Bank of India (SBI), invoked the personal guarantee by issuing demand notices dated 30.11.2009 to the Corporate Debtor under Section 13(2) of the SARFAESI Act, 2002, and by filing an original application before the Debt Recovery Tribunal (DRT), Ahmedabad. The Applicant contends that these actions establish a default, triggering the guarantee. The Respondent Bank argues that the demand
…New Tech Forge and Foundry Ltd was dissolved…
Demand Notices dated 30.11.2009 issued to the…