Notice u/s. 13(2) of SARFAESI to be treated as notice for invocation of personal guarantee

Asha Basantilal Surana Vs State Bank of India & Ors. (NCLAT Delhi) NCLAT Delhi held that where Notice under Section 13(2) of SARFAESI Act, 2002 makes a demand as per the Guarantee Agreement between the parties, the Notice has to be treated as notice for invocation of Personal Guarantee. Thus, order rejecting application u/s. 94(1) for initiation of personal insolvency against personal guarantor not sustainable. Facts- The Principal Borrower- ‘M/s. Surana Metacast (India) Private Limited’ obtained various credit facilities for the business purposes from the State Bank of India and other...