9911796707
TMI Blog2024 (9) TMI 1605X X X X Extracts X X X X X X X X Extracts X X X X ..... of the application recorded in the Report is that the Personal Guarantor admit its liability therefore Insolvency Resolution Process can be initiated - HELD THAT:- This application has not enclosed the relevant documents of demand notice of invocation and the notice under SARFESI Act. The application is barred by limitation period in preferring the application within the relevant period considerin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sarthak Creation Private Limited for an amount of Rs.97,10,88,900.38/- in relation to the credit facility extended by the Bank of Baroda in favour of M/s. Sarthak Creation Private Limited (hereinafter referred as the Corporate Debtor ). 2. The facts of the Case are as follows: - i. The Corporate Debtor is a company incorporated on 07.07.2005 registered under the provisions of the Companies Act, 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us documents from time to time for securing credit facilities and enhancement thereof. v. The Financial Creditor Bank of Baroda has issued Demand notice dated 19.11.2015 on the Personal Guarantor of Corporate Debtor under the SARFAESI Act, 2002 demanding an amount of Rs.66.17 Crores along with interest as mentioned in the guarantee agreement dated 06.12.2013. vi. Mr. Subhas Kedarnath Tibrewal, hus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n filed by him through an IA 1109 of 2023 recommending the admission of the application filed under section 94 of IBC, 2016. The grounds for admission of the application recorded in the Report is that the Personal Guarantor admit its liability therefore Insolvency Resolution Process can be initiated. 4. During the course of hearing dated 13.12.2023 Learned PCS appeared on behalf of one of the Fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the parties and perused the documents on record. We have also gone through the report dated 04.02.2023 filed by the IRP. This application has not enclosed the relevant documents of demand notice of invocation and the notice under SARFESI Act. 7. The application is barred by limitation period in preferring the application within the relevant period considering the date of NPA and demand notice of B ..... X X X X Extracts X X X X X X X X Extracts X X X X
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