9911796707
TMI Blog2025 (1) TMI 264X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. In brief, the Appellant, suspended director of the Corporate Debtor (M/s Bohra Industries Ltd.) (BIL) gave a guarantee to the Respondent (State Bank of India) in respect of a sanction letter dated 10.08.2017 for loan of an amount of Rs. 68.5 Cr. and executed a supplementary deed of guarantee dated 05.09.2017. 3. BIL was admitted into CIRP in a petition bearing CP No. (IB)- 157/7/JPR/2019 vide order dated 07.08.2019 passed by the Tribunal. 4. The Respondent issued a demand notice on 25.08.2020 to the Appellant regarding unpaid dues of BIL, in terms of Rule 7(1) of the IBBI (Application to Adjudicating Authority for Insolvency Resolution Process for Personal guarantor to CD) Rules, 2019 (Rules). The said notice was delivered to the Appellant on 19.09.2020 alongwith computation of the amount of default and other particulars but the appellant did not make any response to the demand notice. 5. The respondent, after 14 days from the date of service of demand notice, filed the petition under Section 95 in prescribed from C on 09.03.2021 and delivered its copy to the Appellant on 29.08.2020. The total debt for which the personal guarantee was given by the Appellant in respect of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . That it is further observed from page no. 30 of the application fi led by the creditor through the Applicant, that the Hon ' ble NCLT, Jaipur Bench vide order dated 07.08.201 9 admitted the application filed by STCI Finance Limited under section 7 of the code, for initiating the Corporate Insolvency Resolution Process in respect of Bohra Industries Limited, Corporate Debtor to which Mr. Hemant Bohra is the Personal Guarantor, and appointed Mr. Naresh Venna (Insolvency Professional) as the Interim Resolution Professional for the Corporate Debtor. Further it is evident from Page No. 137 of the main Application that Mr. Naresh Verma (IRP of the CD), admitted the claim of SBI to the tune of Rs 70.72 crores as enshrined in the list of Creditors fi led with the Hon'ble Tribunal. True Copy of the order dated 07.08.2019 for commencement of CIRP of Bohra Industries Limited (Corporate Debtor) along with list of Creditors are annexed herewith and marked as Annexure-D(Colly). 6. That on perusal of the application filed by the creditor through the applicant, it is noted that the creditor has also uploaded the record of default by the corporate debtor on the Information Utility (NeS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dged the existence of debt and stated that he has not made any payment in capacity of a guarantor towards the debt due by the corporate debtor (Bohra Industries Limited) to State Bank of India. 12. That the Personal Guarantor in his emails dated 21.07.2021 has not denied the existence of debt and has stated that no payment has been made by the personal guarantor against the credit facilities provided to the borrower Bohra Industries Limited, Corporate Debtor. True copy of the email ls dated 21.07.2021 by Mr. Hemant Bohra is annexed herewith and duly marked as Annexure-I. 13. That on going through the documents attached with the application filed under section 95 of the code, a self-sworn affidavit dated 28. 11.20 18 by Mr. Hemant Bohra affirming the net worth of the Personal Guarantor as on 31.03.2018 is noted on Page No. 23, The details of the net worth as per the affidavit is reproduced hereunder for ready reference: Details of Net Worth as on 31.03.2018 # Particulars Amount (Rs. in Lac) 1 ASSETS 2 Land and Building 800.00 3 Cash and Cash Balance 13.56 4 FDR in SBL SME Branch, Udaipur (pledged) 53.50 5 Policies 30.18 6 Investment in Bohra Indu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the RP to arrive at the conclusion that the Appellant was in default while submitting its report dated 23.07.2021. It is further submitted that in paragraphs 4 to 13 of the report shows the independent finding recorded by the RP to arrive at the conclusion that there is a default on the part of the Appellant regarding nonpayment of dues of the Respondent which were claimed by way of a demand notice. He has also submitted that the repayment plan as submitted by the Appellant has already been rejected by the creditors by 100% vote and the RP has filed its report concerning the same before the Tribunal. 13. We have heard Counsel for the parties and perused the record. 14. There is no dispute that the Appellant stood as a guarantor for the loan availed by the CD. A supplementary deed of guarantee was executed on 05.09.2017. There is also no dispute that the CD has already been admitted into CIRP. The Respondent Bank has proceeded in accordance with law by filing the application under Section 95 through the RP appointed by it. The Respondent served a demand notice dated 25.08.2020 on the Appellant about the unpaid debts of the CD in terms of Rule 7(1) of the Rules and evidence has bee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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