petitioner Mr. Arun Kumar
Jagatramka issued a personal guarantee on
02.07.2013 on behalf of Gujarat (NRE) Coke Limited
in favour of Ultrabulk ... plus interest under the personal
guarantee. Mr. Jagatramka has failed to pay any
part of that sum. As a result thereof, Ultrabulk
place. In this meeting, it was agreed that in
lieu of personal guarantee of the Petitioner, MBSL offered a
collateral security of Rs.33 Crores ... noted that the lender banks
have agreed to substitution of personal guarantee of the Petitioner
with collateral security of Rs.33 Crores.
28. Subsequently, several
place. In this meeting, it was agreed that in lieu of personal
guarantee of the Petitioner, MBSL offered a collateral security of Rs.33
Crores ... noted that the lender banks have
agreed for substitution of personal guarantee of the Petitioner with
collateral security of Rs.33 Crores.
28. Subsequently, several
issues a
notice to the petitioner seeking to invoke the personal guarantee
5
executed by the petitioner collectively on 10-07-2014. Despite the
reply ... Counsel for the Personal
Guarantor raised objection regarding the limitation
and stated that the agreement for the Personal
guarantee is not valid, since the Personal
Respondent No. 2
executed a Deed of Personal Guarantee in favour of the
Petitioner on 7th September, 2022 regarding the
obligations of respondent ... under the confirmation
letter (personal guarantee). The Petitioner filed these
petitions under Section 9 of the Arbitration and
Conciliation Act, 1996 (hereinafter referred
Respondent No. 2
executed a Deed of Personal Guarantee in favour of the
Petitioner on 7th September, 2022 regarding the
obligations of respondent ... under the confirmation
letter (personal guarantee). The Petitioner filed these
petitions under Section 9 of the Arbitration and
Conciliation Act, 1996 (hereinafter referred
tribunal, for the first time. The Respondent/Personal
Guarantor has raised a new plea that the personal guarantee was never
invoked by the Appellant ... guarantee. He
invited the attention to different clauses of the Guarantee Document. Clause
8 of the Guarantee Agreement declares the guarantee to remain valid
liability of the Appellant/Personal Guarantor arose
upon the Financial Creditor's invocation of the Personal Guarantee, following the
demand made by the Financial ... conclusion that the
Personal Insolvency Resolution Process be initiated against
the Personal Guarantor.
12.The Objections raised by the Personal Guarantor are not
substantiated with
liability of the Appellant/Personal Guarantor arose
upon the Financial Creditor's invocation of the Personal Guarantee, following the
demand made by the Financial ... conclusion that the
Personal Insolvency Resolution Process be initiated against
the Personal Guarantor.
12.The Objections raised by the Personal Guarantor are not
substantiated with
demand notice is issued against the personal
guarantor asking the personal guarantor to discharge its liabilities, the
guarantee stands invoked. Whether notice under Section ... demand notice is issued against the personal
guarantor asking the personal guarantor to discharge its liabilities, the
guarantee stands invoked. Whether notice under Section
