Without invoking the Personal Guarantee, application under Section 94 of IBC is without any cause and is premature – Mrs. Laxmidevi Ansukumar Baid Vs. ICICI Bank – NCLT Ahmedabad Bench
April 22, 2024
By virtue of Demand Notice dated 07.06.2023 issued under Section 13(2) of the SARFAESI Act, 2002, the Applicant was also asked to make the payment of dues. But there is neither anything on record to show that any other notice has been issued by Respondent Bank to the Applicant in the capacity of Personal Guarantor to invoke the Personal Guarantee nor any steps have been taken by the Respondent Bank to recover the dues from the Applicant by sale of personal assets except secured assets.