2024 (10) TMI 157

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.... 2. It is stated that the Corporate Debtor namely, Micro Forge (India) Ltd. was dissolved vide order dated 12.02.2020 passed in I.A. No.375 of 2019 in CP (IB) No.22/10/NCLT/AHM/2017. 3. The present application is filed by Mrs. Savitaben Gordhanbhai Thumar who is stated to be a guarantor to the Corporate Debtor- Micro Forge (India) Ltd. On perusal of the application it is observed that, the Deed of Guarantee is not annexed to the present application. 4. However, the Applicant has filed copy of the Notice which refers to Demand Notice dated 27.11.2009 issued by the Respondent/State Bank of India U/s 13(2) of SARFAESI Act, 2002 and Possession Notice dated 04.12.2010 issued U/s 13(4) of SARFAESI Act, 2002 read with Rule 8(1) of the Secur....

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.... Notwithstanding anything contained in section 69 or section 69A of the Transfer of Property Act, 1882 (4 of 1882), any security interest created in favour of any secured creditor may be enforced, without the intervention of the court or tribunal, by such creditor in accordance with the provisions of this Act. (2) Where any borrower, who is under a liability to a secured creditor under a security agreement, makes any default in repayment of secured debt or any instalment thereof, and his account in respect of such debt is classified by the secured creditor as non-performing asset, then, the secured creditor may require the borrower by notice in writing to discharge in full his liabilities to the secured creditor within sixty d....

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....teps have been taken by the Bank against the Appellant, there is no cause for the Appellant to pray for initiation of CIRP against the Appellant - the Personal Guarantor. We, thus, do not find any good ground to interfere with the impugned order in this Appeal. The Appeal is accordingly dismissed. No costs." 8. The Applicant through additional affidavit dated 19.02.2024 has also attached a copy of Notice dated 02.06.2008 issued by DRT, Ahmedabad as well as O.A. No.61 of 2008 filed by application filed by State Bank of India under section 19 of the Recovery of Debts and Bankruptcy Insolvency Resolution and Bankruptcy of Individuals and Partnership Firms Act, 1993 against Principal Borrower and other Guarantors. However, mere filing of suc....