TaxTMI 
TaxTMI 
2026 (6) TMI 262
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....This appeal is preferred by a personal guarantor who challenges an Order of the Adjudicating Authority (NCLT- V), New Delhi, dated 04.09.2024, in CP (IB) No. 188 of 2022 under Section 100 of the Insolvency and Bankruptcy Code, 2016. Brief Facts 2. The material facts are: a) From 2006, M/s. Bank of Baroda, the 2nd respondent herein, extended export-linked credit facilities to Theme Exports/Theme Exports Pvt. Ltd. (Corporate debtor) and periodically enhanced, and secured its repayment by equitable mortgage over its Okhla industrial property and hypothecation of movables, with fresh DPNs/hypothecation agreements between 2009-2014. On 06.01.2017, loan facilities were re-sanctioned to about Rs. 30.12 crore. (and the company acknow....
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....led O.A.295/2021 before DRT-I for about Rs. 32.17 crores against the personal guarantor. f) While things stood thus, on 30.12.2021, the 2nd respondent filed the present petition under Sec.95 IBC. 3. The respondent in her reply has principally contended that the petition is barred by limitation, that there are certain incongruencies in the amount claimed in the demand notice, in the OA filed against the principal borrower before the DRT and the petition. This apart there are certain allegations are made against the RP and that he acted with bias. 4. Relying on the report of the RP filed under Sec.99 and rejecting the appellant's defence, the Adjudicating Authority chose to admit the petition under Sec.100 IBC. This Order is no....
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....g pages, and submits that the Bank has not discharged its evidentiary burden even at the admission stage, despite Bankers' Books and section 65B certificates. d) She challenges the independence of the RP, asserting that he is a director of an IPE empanelled with Bank of Baroda, a circumstance allegedly not disclosed in violation of the IBBI Code of Conduct under the Insolvency Professionals Regulations, 2016, and that his conduct (very short timelines, apparent alignment with the Bank's narrative) shows bias. e) On process, she contends that NCLT mechanically adopted the RP's section 99 report, failed to reason through her detailed written submissions, and effectively relied on a document not on record (the 27.02.2019 noti....
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....cerned with. After all, inasmuch as the principal borrower is in liquidation, the eventual liability of the appellant will be limited to that which is required to be paid after the realization of debt in the liquidation. c) They deny any conflict of interest or misconduct by the RP, noting his valid IBBI registration, absence of disciplinary proceedings, his correspondence with both sides, and the fact that NCLT exercised its independent judicial mind. Discussion and Decision 7. We do not find any merit in the submissions of the appellant. And our reasons are: a) the thrust on the point of limitation appears more as a plea made in desperation. It is far too fundamental a point that where a deed of guarantee provides ....