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The NCLAT held that the Respondent Bank was entitled to invoke the personal guarantee against the Appellant as the principal borrower had failed to discharge the debt. Once the principal borrower defaults, the liability of the personal guarantor gets triggered. The Bank's officer who filed the Section 95 application was duly authorized under the State Bank of India General Regulations, 1955. The appeal was dismissed.
The NCLAT held that the Respondent Bank was entitled to invoke the personal guarantee against the Appellant as the principal borrower had failed to discharge the debt. Once the principal borrower defaults, the liability of the personal guarantor gets triggered. The Bank's officer who filed the Section 95 application was duly authorized under the State Bank of India General Regulations, 1955. The appeal was dismissed.
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