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Judgment
16.12.2024: This appeal is directed against the order dated 04.09.2024 by which an application filed under Section 94 of the Code by the Appellant being the personal guarantor of the Corporate Debtor has been dismissed as not maintainable.
M/s Shree Mukt Jewellers Baroda Pvt. Ltd. obtained a loan from the Bank of Baroda (Financial Creditors). The Appellant executed a deed of guarantee for sum of Rs. 201 Cr. on 28.09.2013. The Bank of Baroda filed OA No. 551 of 2016 which was decreed on 09.01.2017 and recovery certificate no. 14 of 2017 was issued.
The Property of the borrower/CD was auctioned on 30.01.2024. The highest bidder deposited Rs. 22,42,00,000/- in instalments in which the last payment was made on 14.02.2024.
The Appellant filed an application under Section 94(1) of the Code for its insolvency bearing CP (IB) No. 268 of 2024 on 06.08.2024 which has been dismissed by the Tribunal on the ground of limitation.
In the first round of hearing, Counsel appearing on behalf of the Appellant requested for a pass over on the ground that Sr. Counsel has to argue. Accordingly, a pass over was granted.
After the completion of the cases in the list of fresh cases, the pass over matters were again taken up alongwith the present appeal which is a part of fresh cases.
Counsel for the Appellant who had earlier appeared on Virtual Mode again asked for a pass over but this time the request is not entertained and he is asked to argue the case and since the case is not argued by the Appellant, therefore, the present appeal is hereby dismissed for non-prosecution.