2024 (10) TMI 157

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.... 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 Security Interest (Enforcement) Rules, 2002 which ar....

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....he 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 days from the date of notice failing which the secured creditor shall be entitled ....