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Search Results for "Personal Guarantor"

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High Court

Bombay High Court Allows Personal Guarantor to Travel Abroad for Sister-in-Law's Marriage, Holds Right to Travel Abroad Part of Personal Liberty Under Article 21 of Constitution of India. The court set aside Debt Recovery Tribunal's order refusing travel permission, finding it arbitrary and violative of Article 21.

7 Jun 2022

The petitioner, Anurag Gupta, a personal guarantor of a company under liquidation, challenged an order of the Debt Recovery Tribunal (DRT) refusing hi...

Supreme Court

Supreme Court Interprets Section 29A(h) of Insolvency and Bankruptcy Code, 2016 Regarding Guarantor Eligibility. The court held that a person who has executed an enforceable guarantee is not disqualified from submitting a resolution plan unless the guarantee has been invoked, as liability crystallizes upon invocation under the amended provisions.

18 Jan 2022

The Supreme Court was called upon to interpret Section 29A(h) of the Insolvency and Bankruptcy Code, 2016, as amended, concerning the eligibility of a...

High Court

Bombay High Court Dismisses Appeal by Guarantors in SFC Act Recovery Case — Directors Held Jointly and Severally Liable for Company Loan. Guarantors Cannot Raise Defences of Principal Debtor Under Section 31(1)(aa) of State Financial Corporation Act, 1951.

26 Feb 2019

The appeal arises from a judgment dated 19th September 2007 passed by the learned Adhoc District Judge, Pune, in Miscellaneous Civil Petition No.859 o...

High Court

Bombay High Court Allows Appeal Against Admission of Winding Up Petition in Vandana Global Limited v. IL & FS Financial Services Limited — Disputed Debt and Bona Fide Defence. The court held that a winding up petition should not be admitted when the debt is bona fide disputed and the defence is substantial, requiring dismissal of the petition.

12 Mar 2018

The appeal arose from an order dated 5 January 2018 passed by the learned Single Judge in Company Petition No.923 of 2015, whereby the petition filed ...

High Court

Bombay High Court Dismisses Writ Petition Challenging SARFAESI Proceedings Against Guarantors — Personal Guarantee Not a 'Right or Interest in Property' Under Section 17(1) of SARFAESI Act, 2002. Guarantors Cannot Challenge Possession Notice Before Debt Recovery Tribunal Under SARFAESI; Remedy Lies Under RDDB Act, 1993.

10 Mar 2017

The judgment concerns two writ petitions filed by Mahindra Chandrasen and Sharad Chandrasen (petitioners) against Union Bank of India and other respon...

High Court

Bombay High Court Partially Allows Challenges to Arbitral Award in Co-operative Bank Dispute — Upholds Liability of Guarantor but Sets Aside Interest Rate and Costs. The court held that the arbitrator exceeded jurisdiction by awarding interest at 24% per annum and costs without agreement, but upheld the principal liability under the guarantee.

27 Jan 2017

The judgment concerns two arbitration petitions filed under Section 34 of the Arbitration and Conciliation Act, 1996, challenging an arbitral award da...

High Court

Bombay High Court Allows Petition of Notified Person Under Special Courts Act, Holding Attached Property Cannot Be Sold in Debt Recovery Execution Without Custodian's Consent. Attachment Under Section 3(3) of Special Courts Act, 1992 Prevails Over Certificate Under Recovery of Debts Due to Banks and Financial Institutions Act, 1993.

17 Jan 2006

The petitioner, Ketan Parekh, was declared a notified party on 6.10.2001 under the Special Courts (Trial of Offences Relating to Transactions in Secur...

High Court

Bombay High Court Allows SFC Petition Against Guarantors Under Section 31(1)(aa) of SFC Act, 1951 — Guarantors Liable Despite Company's Winding Up. Guarantee is a separate contract and liability of guarantor is co-extensive with principal debtor under Section 128 of Indian Contract Act, 1872.

7 Jun 2005

The petitioner, SICOM Limited, a State Financial Corporation, filed a petition under Section 31(1)(aa) of the State Financial Corporation Act, 1951 ag...

Tribunals

NCLAT Allows Section 95 Application Against Personal Guarantor Despite Pending DRT Proceedings — Guarantee Invocation Notice and DRT Recovery Certificate Constitute Debt Under IBC. The NCLAT held that the Adjudicating Authority erred in rejecting the Section 95 application on the ground that the guarantee invocation notice and DRT recovery certificate do not constitute a debt under Section 3(10) of the IBC, 2016.

30 Nov -0001

The National Company Law Appellate Tribunal (NCLAT) heard two appeals filed by IDBI Bank Ltd. against orders of the NCLT, Indore Special Bench, reject...

Tribunals

NCLAT Chennai Dismisses Appeals by Suspended Directors Against CIRP Initiation Under IBC — Limitation Period for Section 7 Application Computed from Date of Default, Not Date of NPA Classification. Acknowledgment of Debt in Balance Sheets Extends Limitation Under Section 18 of Limitation Act.

30 Nov -0001

The judgment pertains to two appeals filed by suspended directors of M/s. Sri Pavana Keerthi Hotels India Private Limited (Corporate Debtor) against t...

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