2025 (4) TMI 1292

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....) These Appeals have been filed by Personal Guarantors of the Corporate Debtor challenging the order admitting Section 95 application filed by the State Bank of India against the Personal Guarantor as well as two IAs being IA No.155 of 2024 and IA No.2595 of 2024 filed by the Personal Guarantor praying for deferment of proceedings under Section 95 which application has been rejected by the same order. All the Appellants aggrieved by the order dated 07.10.2024 passed by the Adjudicating Authority (National Company Law Tribunal) Principal Bench, New Delhi have come up in these Appeals. 2. We have heard Shri Sandeep Bajaj, Learned Counsel for the Appellant and Shri Sanjiv Sen, Learned Senior Counsel for the State Bank of India. 3. Counsel f....

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....ersonal Guarantee of Personal Guarantor on 13.02.2018. When the Personal Guarantee of the Guarantors were invoked, the cause of action arose to the Bank to file an application under Section 95 and the application was filed subsequent to invocation of bank guarantee. It is on the record that the CIRP against the Corporate Debtor had also commenced in which Resolution Plan has been approved on 05.09.2019. Counsel for the Appellant has relied on Clause 1.8 F of the Resolution Plan which reads as follows:- ""(F) Notwithstanding anything stated in this Resolution Plan, the financial Creditors shall have the right to recover any unrecovered financial debt owed by the Company to them by recourse to the personal guarantees and corporate guarantee....