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Shrenik Ashokbhai Morakhia Vs Reliance Asset Reconstruction Company Ltd. (NCLAT Delhi)

In the case of Shrenik Ashokbhai Morakhia vs. Reliance Asset Reconstruction Company Ltd., the appeal revolves around the admission of a Section 95 application by the Adjudicating Authority (National Company Law Tribunal) against the appellant, a personal guarantor of M/s Morakhia Metals and Alloy Pvt. Ltd. Here’s a detailed summary of the case:

Background and Facts

• Credit Facility and Guarantee: Dena Bank sanctioned a credit facility of Rs. 32.15 crore to M/s Morakhia Metals and Alloy Pvt. Ltd., for which the appellant and another individual provided a joint guarantee on July 25, 2012.

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