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TMI Blog2025 (4) TMI 1292X X X X Extracts X X X X X X X X Extracts X X X X ..... e) These Appeals have been filed by Personal Guarantors of the Corporate Debtor challenging the order admitting Section 95 application filed by the State Bank of India against the Personal Guarantor as well as two IAs being IA No.155 of 2024 and IA No.2595 of 2024 filed by the Personal Guarantor praying for deferment of proceedings under Section 95 which application has been rejected by the same order. All the Appellants aggrieved by the order dated 07.10.2024 passed by the Adjudicating Authority (National Company Law Tribunal) Principal Bench, New Delhi have come up in these Appeals. 2. We have heard Shri Sandeep Bajaj, Learned Counsel for the Appellant and Shri Sanjiv Sen, Learned Senior Counsel for the State Bank of India. 3. Counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Personal Guarantee of Personal Guarantor on 13.02.2018. When the Personal Guarantee of the Guarantors were invoked, the cause of action arose to the Bank to file an application under Section 95 and the application was filed subsequent to invocation of bank guarantee. It is on the record that the CIRP against the Corporate Debtor had also commenced in which Resolution Plan has been approved on 05.09.2019. Counsel for the Appellant has relied on Clause 1.8 F of the Resolution Plan which reads as follows:- ""(F) Notwithstanding anything stated in this Resolution Plan, the financial Creditors shall have the right to recover any unrecovered financial debt owed by the Company to them by recourse to the personal guarantees and corporate guarante ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by Counsel for the Respondent in "Hari Singh Thakur" (supra) do support the submission of the Respondent. In the above judgment, this Tribunal held following in paragraph 6:- "6. The submission of the Appellant that the debt has not been correctly shown in the application is not a question which can be ground to reject the application under Section 95. The question of debt and adjustment of any amount already realized by the Bank are the question which has to be taken into consideration when payment plan is finalized. As far as the valuation of the assets, it is always open for the Appellant to object before the Adjudicating Authority by bringing appropriate material, if any. The said argument is also not an argument for challenging admi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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