State Bank of India (Financial Creditor/Applicant) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Shri Carnet Elias Fernandes (Personal Guarantor/Respondent) of M/s GEI Industrial Systems Limited (Corporate Debtor). The petition sought the initiation of the Personal Insolvency Resolution Process (PIRP) due to the Corporate Debtor's default on credit facilities and the subsequent invocation of the personal guarantee. A previous NCLAT judgment (17.10.2025) in a related case, which was upheld by the Supreme Court, had already confirmed that the petition was within limitation and the personal guarantee was validly invoked.
The Corporate Debtor, M/s GEI Industrial Systems Ltd., was incorporated on 28.12.1993.
The Corporate Debtor, along with six other consortium banks, approached the Applicant (State Bank of India) for credit facilities.
On 24.03.2009, a loan agreement was executed between the Corporate Debtor and the Applicant.
On 24.03.2009, Shri Carnet Elias Fernandes (Respondent), Shri Bernard John, and Smt. Everlyn Fernandes executed a Deed of Guarantee in favour of the Applicant.
Further credit facilities were extended to the Corporate Debtor on 30.08.2010, and the Respondent executed a supplemental deed of guarantee.
A fresh deed of guarantee was executed on 23.08.2011 by the Respondent, Mr. Bernard John, and Smt. Everlyn Fernandes.
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M/s GEI Industrial…
A loan agreement was executed between the…
State Bank of India (Financial Creditor/Applicant) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Shri Carnet Elias Fernandes (Personal Guarantor/Respondent) of M/s GEI Industrial Systems Limited (Corporate Debtor). The petition sought the initiation of the Personal Insolvency Resolution Process (PIRP) due to the Corporate Debtor's default on credit facilities and the subsequent invocation of the personal guarantee. A previous NCLAT judgment (17.10.2025) in a related case, which was upheld by the Supreme Court, had already confirmed that the petition was within limitation and the personal guarantee was validly invoked.
The Corporate Debtor, M/s GEI Industrial Systems Ltd., was incorporated on 28.12.1993.
The Corporate Debtor, along with six other consortium banks, approached the Applicant (State Bank of India) for credit facilities.
On 24.03.2009, a loan agreement was executed between the Corporate Debtor and the Applicant.
On 24.03.2009, Shri Carnet Elias Fernandes (Respondent), Shri Bernard John, and Smt. Everlyn Fernandes executed a Deed of Guarantee in favour of the Applicant.
Further credit facilities were extended to the Corporate Debtor on 30.08.2010, and the Respondent executed a supplemental deed of guarantee.
A fresh deed of guarantee was executed on 23.08.2011 by the Respondent, Mr. Bernard John, and Smt. Everlyn Fernandes.
…M/s GEI Industrial…
A loan agreement was executed between the…