Court Confirms Timely Filing of Application Against Guarantor, Dismisses Appeal and Upholds Bank's Right to Proceed.

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....The court examined whether the application filed by the State Bank of India against the personal guarantor u/s 95 was barred by limitation. It was held that even if no plea regarding limitation was raised, the court is obliged to examine the issue. The bank's pleadings clearly contained the extension of limitation u/s 18 of the Limitation Act. Since the pleadings were on record providing for extension, no error was committed by the Adjudicating Authority in admitting the Section 95 application against the personal guarantor. The application was not barred by limitation. Regarding the admission of the application, the court held that the notice of demand was clearly given to the personal guarantor. The contention that fresh notices were requ.........