Hemant Bohra Vs State Bank of India & Anr. (NCLAT Delhi)
Appellant is 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. Corporate debtor was admitted into CIRP. The Respondent issued a demand notice on 25.08.2020 to the appellant regarding unpaid dues of corporate debtor, 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), which was not responded by the appellant. After 14 days from the service of demand notice respondent filed petition u/s 95 through RP. The total debt for which the personal guarantee was given by the Appellant in respect of the CD including interest as on 25.08.2020 was Rs. 70,73,95,918.49/-. NCLT observed submissions of the appellant and held that there is a default on the part of the personal guarantor by not fulfilling the debt owed to the CD (BIL). NCLT confirmed the appointment of the RP and directed him to make the recommendations with reasons in writing for acceptance or rejection of the application within the stipulated time as per Section 99 and further directed him to provide a copy to the creditor and to file the same before tribunal. Such order was never challenged. RP in his report mentioned that there is default on the part of the personal guarantor. NCLT after considering the report of the RP, admitted the application. That application is the subject matter of the appeal.
