Rajesh Kaimal Suspended Director of Equinox India Developments Ltd. (Now known as Embassy Developments Ltd.) vs Prabhat Ranjan Singh Resolution Professional of Equinox India Developments Ltd. (Formerly known as Indiabulls Real Estate Ltd.) & Anr.

“11.12.2025: This appeal has been filed against the order dated 09.12.2025 passed by the NCLT, New Delhi – IV admitting section 7 application filed by the Canara Bank.

2.

Ld. Counsel for the Appellant challenging the order submits that the Appellant was stated to be guarantor and guarantee was invoked by letter dated 30.09.2020 and the Appellant was required to pay the amount within three days, hence, the default occurred during the 10A period and the application was clearly barred by 10A of IBC and could not have been admitted.

3.

It is further submitted that the guarantee has been invoked on 20.09.2020 and the application filed in January, 2025 is also barred by limitation.

4.

It is further submitted that initially the guarantee which was given on 30.06.2010 was substituted by subsequent deed of the year 2012 where the appellant was not the principal obliger and his guarantee with respect to default in equity was on failure of the principal guarantor.

5.

It is submitted that there was no guarantee with regard to the debt repayment and initiation of Section 7 application by the Bank for default in repayment of loan is wholly without jurisdiction and was clearly barred by time.

6.

Ld. Counsel for the Appellant submits that in the deed of the year 2012 where the Appellant was one of the guarantors, on the same day another CP (IB) No. 204/ND/2025 filed by the Bank against Ratan India Enterprises Ltd. has been dismissed by the judgment on the same day and in the said judgment the deed of year 2012 has been read as not constituting any financial debt. It is submitted that the Adjudicating Authority committed an error in admitting the Section 7 application.

7.

Mr. Virender Ganda, Sr. Adv. appearing for the Respondent refuting the submissions submits that all relevant documents which have been referred to in the impugned order in para 8 has not been brought on the record. The Appellant is required to bring all material which were there before the NCLT. He submits that default was committed on 20.09.2017, hence, the application was not barred by 10A. It is submitted that there are other documents and additional documents where the obligation was taken by the Appellant to pay on default of the debt. It is submitted that 2010 was not only the guarantee which was relied by the Bank.

8.

Submissions made by the Ld. Counsel for the parties needs consideration. Prima facie we are of the view that when the guarantee was invoked on 30.09.2020 the application was hit by Section 10A and the Adjudicating Authority’s observation in para 14 of the order that the date of default is 20.09.2017 cannot be a reason for rejecting the submissions on the basis of section 10A. 20.09.2017 was the date of default by the principal borrower and the copy of the notice by which guarantee was invoked has already been filed at Annexure A7 where both the Appellant and the Ratan India were mentioned as item no. 2 and 3 and principal borrower in item no. 1 in para 24 of the notice, following was stated:-

“24.

That my client also invoke the guarantee of you the addressee no. 2 & 3 for repayment of amount of Rs. 202,03,39,436.49/- (Rs. Two Hundred Two Crore Three Lakh Thirty-Nine Thousand Four Hundred Thirty-Six and Forty Nine Paise Only) due and payable as on 31.07.2020. I hereby call upon you the addressee no. 2 to 4 to make payment of Rs. 202,03,39,436.49/- (Rs. Two Hundred Two Crore Three Lakh Thirty Nine Thousand Four Hundred Thirty Six and Forty Nine Paise Only) due and payable as on 31.07.2020 along with future and pendent elite interest, cost and other charges to my client within 3 days from the receipt of this notice, failing which my client shall be constrained to take appropriate action against you the addressees before the competent court of law. You are further liable to pay a sum of Rs.11,000/- towards cost of this legal notice.”

9.

Ld. Counsel for the Respondent submits that there is another invocation on 09.06.2021.

10.

We are of the view that when the guarantee was invoked, the cause of action arose on 30.09.2020 and subsequent notice or invocation shall not affect on the date of default.

11.

Issue notice.

12.

Let the reply be filed within three weeks. Rejoinder, if any, be filed within two weeks thereafter.

13.

List this appeal on 22^nd January, 2026.

14.

In the meantime, the order dated 09.12.2025 shall remain stayed.

15.

Ld. Counsel for the Bank submits that they are filing the appeal against another order passed by the same bench.”

Question Nos. (I) & (II)

“30)

Pre-commitment conditions:

Execution of Financing Agreements by the Lenders shall be subject to the satisfaction Including but not limited to the following:

a)

Corporate Guarantee from IPL & IBREL for infusion of equity, in a timely manner in the project and to the effect that any cost overrun of the project to be met from further equity funds to be contributed by IBREL & IPL without recourse to the lenders and project assets: Any overrun in the project cost shall be financed by increase in equity base/preference share capital or by unsecured interest free funds from Sponsors of the borrower. Any servicing of funds from Sponsors would be subordinate to credit facilities availed from the Lenders.”

“E. It is a condition of the Facility Agreement and Share Subscription, Retention and Undertaking Agreement that the Guarantor(s) shall provide a corporate guarantee of the portion of equity envisaged and planned to be contributed by IBREL and IPL in a timely manner for setting up the Project and also to the effect that any cost overrun of the Project to be met out from further equity/funds to be contributed by the Guarantor(s) without recourse to the Lenders and Project Assets. (The portion of equity committed by the Guarantor(s) for itself as well as Financial Investor for setting up the Project and the funds whatsoever required in the event of cost overrun shall hereinafter be referred to as the "Equity Share Capital").”

“Event of Default means the Promoter and/or Financial Investor(s) have failed to perform their obligations towards the Borrower and/or the Project by contributing towards the Equity Share Capital from time to time as envisaged or planned as undertaken by the Guarantor(s) under the Share Subscription, Retention Undertaking Agreement for the implementation of the Project or breach of any of the provisions of this Deed of Guarantee.”

“2.

THE GUARANTEE (a) In consideration of the Lenders agreeing to grant the Facilities to the Borrower, the Guarantor(s) hereby agrees to issue this Guarantee in favour of the Security Agent on the terms and conditions contained in this Deed of Guarantee. The Guarantor(s) agrees to punctually infuse and bring Equity Share Capital in accordance with the Facility Agreement and Share Subscription, Retention Undertaking Agreement.

(b)

This Deed of Guarantee is for the Guaranteed Amounts to be brought in by the Guarantor(s) in the form of Equity Share Capital in the Project from time to time in terms of the Facility Agreement and Share Subecription, Retention Undertaking Agreement.

(c)

The Guarantor(s) hereby unconditionally, absolutely and irrevocably guarantees, and promises to bring Equity Share Capital in the Project forthwith without demur and upon the written demand of the Security Agent, in accordance with the terms of this Deed of Guarantee.”

“10.

PAYMENT PERIOD The Guarantor(s) agrees to infuse/bring the requite Equity Share Capital in the Project as required at any time under Facility Agreement and Share Subscription, Retention and Undertaking Agreement or any other Financing Documents within 5 days of receipt of the Notice of Demand, without any demur or objection.”

“(E)

It is a condition of the Facility Agreement and the Share Subscription, Retention and Undertaking Agreement that the Guarantor(s) shall provide a corporate guarantee of the portion of equity envisaged and planned to be contributed in a timely manner for setting up the Project and also to the effect that any cost overrun of the Project to be met out from further equity/funds to be contributed by the Guarantor(s) without recourse to the Lenders and the Project Assets. Accordingly, Indiabulls Real Estate Limited ("IBREL") executed a Corporate Guarantee dated June 30, 2010 in favour of the Security Agent for the benefit of the Lenders. (The portion of equity committed by the IBREL/the Guarantor(s) for itself as well as Financial Investor for setting up the Project and the funds whatsoever required in the event of cost overrun shall hereinafter be referred to as the "Equity Share Capital").

(F)

Subsequently, pursuant to a scheme of arrangement under Sections 391 to 394 of the Companies Act, 1956 ("Scheme"), the entire shareholding of the Borrower held by IBREL was transferred to IIPL. The Lenders have granted their consent to the Scheme and to the restructuring under the Scheme, including transfer of all rights, title, benefits, interests and obligations of IBREL to IIPL under the Scheme.

(G)

The Parties have therefore, subject to the terms of this Deed of Guarantee and in order to release IBREL from its obligations under the existing Corporate Guarantee and to obtain an equivalent guarantee from the Guarantor in favour of the Security Trustee pursuant to the aforementioned scheme, agreed to execute these presents, in the manner hereinafter expressed.”

“11.

OBLIGATION OF INDIABULLS REAL ESTATE

LIMITED TO CONTINUE IN CERTAIN

CIRCUMSTANCES The Parties hereby acknowledge that in terms of the Scheme, all debts, liabilities, loans raised, obligations incurred, duties of any kind, nature or description (including contingent liabilities which arise out of the activities or operations of the power business) of IBREL and relatable to the power business (including the obligations of IBREL under this Guarantee) have been transferred to IIPL from the Effective Date and therefore the Parties are executing this Guarantee to record the same. The Parties further acknowledge that IBREL shall, notwithstanding the Scheme, unless otherwise agreed with the Lenders in relation to the Project, continue to be responsible for fulfilling its obligations under this Guarantee as a Guarantor, in the event that IIPL (which shall be the primary obligor to the Lenders in relation to such obligations) fails to fulfil the same and immediately thereafter, all the obligations of IIPL shall flow to IBREL. For the avoidance of doubt, it is clarified that save as expressly contemplated herein, no obligations in relation to this Agreement shall be retained with or assumed by IBREL following the Scheme and further that the obligations of IBREL under this Agreement shall be only to the extent that the aforesaid obligations are existing obligations of IBREL as on the Effective Date which are transferred to IIPL pursuant to the Scheme.

IBREL hereby agrees, undertakes and accepts that in the event IIPL fails to fulfil its obligations (which shall be the primary obligor to the Lenders in relation to such obligations) in accordance with the terms of this Guarantee, it shall continue to be responsible for fulfilling its existing obligations under this Guarantee as a Guarantor.”

“4.

As will be elaborated in paragraphs hereunder, that present Application filed under Section 7 of the Code, is a gross abuse of the process of law and has been initiated by the Applicant Bank with malicious intent for purpose other than for the resolution of the insolvency and is liable to be dismissed inter alia on account of preliminary objections as raised to the maintainability of the instant Application against the answering Respondent, the alleged Corporate Debtor:

(a)

Initiation of CIRP by filing of the answering Application by invoking Section 7 of the Code against answering Respondent, the alleged Corporate Debtor, is expressly barred by virtue of Section 10A of the Code.

(b)

Neither the stated Corporate Guarantee allegedly dated 30.06.2010, nor the subsequent Deed of Undertaking constitutes an agreement(s) or contract(s) of Surety/Guarantee in terms of Section 126 read with Section 128 of the Indian Contract Act, 1872 whereby the answering Respondent agreed and/or contracted factually or legally obligated itself as a Surety/Guarantor to repay any of the stated loans granted to and availed by the said Principal Borrower-STPL.

(c)

The present Application is barred by the law of limitation.

(d)

The Applicant Bank being the asserted Financial Creditor has approached this Hon'ble Tribunal with unclean hands by intentionally concealing and supressing material documents and by not disclosing that alleged Corporate Guarantee dated 30.06.2010 sought to be attributed to the answering Respondent and that the obligations attributable to the answering Respondent as contained therein, stood discharged.”

“7.10

Without prejudice to the above, any obligations of answering Respondent as envisaged under the above-mentioned document also in any event, cannot qualify as a Financial Debt as defined under Section 5(8) of the Code and in this regard, the following is submitted:

(a)

As would be elaborated hereinafter, a subsequent Corporate Guarantee dated 11.01.2012 came to be executed by Rattan India Enterprises Limited (formerly known as Indiabulls Infrastructure and Power Limited) ("RIPL/IIPL"), RattanIndia Power Limited and the answering Respondent herein in favour of IDBI Trusteeship. This document has been concealed and suppressed by the Applicant Bank in the present Application.”

“8.

CLAIM PROCEDURE (a) Upon the occurrence of an Event of Default, the Security Agent may, at its absolute discretion, raise a notice of demand upon Guarantor(s) ("Notice of Demand").

(b)

The Notice of Demand shall:

i.

be in writing;

ii.

specify the total amount demanded, rounded off to nearest INR;

iii.

he addressed to the Guarantor(s);

iv.

be sent to the address as provided by the Guarantor(s) under clause 9 of this Guarantee:

v.

be signed by the Security Agent,”

“23.

That my client tried its level best and requested several times to you the addressees through several letters, email and even personal visits and requested for repayment of the loan amount but you the addressees neither paid any heed nor showed any seriousness to the request of my client and all the efforts of my client went in vain, and due to non-payment of you the addressees, your account has been declared NPA on 28.09.2017 and an amount of Rs.

202,03,39,436.49/- (Rs. Two Hundred Two Crore Three Lakh Thirty Nine Thousand Four Hundred Thirty six and Forty Nine Paise Only) due and payable as on 31.07.2020 alongwith future and pendent elite interest, cost and other charges.

24.

That my client also invokes the guarantee of you the addressee no. 2 & 3 for repayment of amount of Rs. 202,03,39,436.49/- (Rs. Two Hundred Two Crore Three Lakh Thirty-Nine Thousand Four Hundred Thirty-Six and Forty Nine Paise Only) due and payable as on 31.07.2020.

I hereby call upon you the addressee no. 2 to 4 to make payment of Rs. 202,03,39,436.49/- (Ra. Two Hundred Two Crore Three Lakh Thirty Nine Thousand Four Hundred Thirty Six and Forty Nine Paise Only due and payable as on 31.07.2020 along with future and pendent elite interest, cost and other charges to my client within 3 days from the receipt of this notice, failing which my client shall be constrained to take appropriate action against you the addressees before the competent court of law.

You are further liable to pay a sum of Rs. 11,000/-towards cost of this legal notice.”

Question No. (III)

“2.1

Undertaking RIL, RPL, Individual Sponsor, RRIPL and IBREL hereby irrevocably and unconditionally acknowledge represent, accept undertake, declare and assure as follows:

a. In relation to RIL, RPL, RRIPL and Individual Sponsor:

(i)

they shall (jointly and severally) bring/infuse further equity/funds to meet the Cost Overrun without any recourse to the Lenders, the Project/Project Assets on terms to be approved by the: Lenders' Agent to the Borrower; and

(ii)

they shall (jointly and severally) bring/infuse further equity/funds on account of development of bid/performance guarantees and, in such event, shall furnish necessary documentation evidencing source of funds (including certificate from their statutory auditor (if applicable) as may be required by, and acceptable to the Lenders' Agent.

b. In relation to IBREL:

In the event RIL, RRIPL and the individual Sponsor fall to meet their obligations listed in Article 2.1(a) above, it shall immediately (after the expiry of 5(five) days) make good the shortfall in connection with the cost Overrun and, in such event, it shall furnish necessary documentation evidencing source of funds (including from its statutory auditor) as may be required by, and acceptable to, the Lenders' Agent. The obligation of IBREL shall be in force and effect till the COD is achieved.”

“10.

The first issue is whether a financial debt exists and a default has occurred or not. A corporate guarantee is, by its nature, a contingent/liability which, when invoked, gives rise to a liability in respect of repayment of financial facilities. The Applicant has produced the Corporate Guarantee dated 30.06.2010 and the Cost Overrun Undertaking dated 21.11.2016, which on a plain collective reading alongwith all the facilities sanctions by bank create an obligation in respect of debt advanced to the principal borrower. The Respondent has not produced any executed, unconditional instrument that unambiguously and effectively discharges or extinguishes the guarantee obligations in favour of the lenders. On the material on record the element of financial debt within the meaning of Section 5(8) is established.”

“2 UNDERTAKING 2.1 That Joint Obligors, in consonance with their shareholding, shall:

(a)

RIPL and RIIL hereby jointly and severally, unconditionally acknowledge, represent accept undertake, declare and assure as follows:

(i)

shall retain management control of RPL; and

(ii)

retain majority representation on the board of directors of RPL

(b)

RIL shall cause and ensure that the promoters of Obligor 1 retain management and control of Obligor 1.

(c)

RIPL, RIIL and IBREL, shall, in consonance with their shareholding and to that extent, not divest their respective shareholding in RPL (without prior approval of the Lenders) and shall jointly retain and maintain 51% (fifty one percent) of the issued, subscribed and fully paid up equity shares (carrying ordinary voting rights as recognized under the Companies Act) issued by the RPL

(d)

IBREL shall cause and ensure that the promoters of Obligor 3 retain management and control of Obligor 3.

2.2

The Joint Obligors irrevocably and unconditionally declare and assure that in the event they fail to fulfill their respective obligations as listed in Article 2.1 above, there would be recourse against the respective Joint Obligor/Borrower and it shall be an Event of Default under the Facility Agreement, and Lenders shall have the right to, inter alia, accelerate the Rupee Term Loan Facility in terms of the Facility Agreement and take such other action as may be contemplated thereunder.

2.3

Notwithstanding the aforesaid, the obligations of IBREL shall automatically, without any affirmative action or event or notice, expire and be discharged upon the COD of the Project”

“NOW, THEREFORE, IN CONSIDERATION OF THE

ABOVE, INDEMNIFIERS HEREBY IRREVOCABLY AND

UNCONDITIONALLY ACKNOWLEDGE. UNDERTAKE,

REPRESENT, DECLARE AND ASSURE THAT:

A) Obligations of Indemnifiers

1.

they shall indemnify PFC SCOR Lender and keep it indemnified at all times against any and all actual losses incurred, suffered or paid by it or required to be incurred, suffered or paid by it and also against all fosses of damage incurred. demands, actions, suit proceedings made or decisions and order from judicial for/counts/tribunals, in connection with, or arising due to the change in name of the Borrower from ‘Indiabulls Power Limited’ to RattanIndia Power Limited":

2.

they shall indemnify PFC SCOR Lender and keep it indemnified at all times against any and all claim, losses, damages, costs, liabilities and expenses incurred. Suffered or paid by the it on required to be incurred, suffered or paid by it and also against all losses or damage incurred, demands, actions, suit proceedings made, filed instituted against it. in connection with, or arising out of non-obtainment of express acknowledgement from the counterparties of the Project Documeabic al

3.

they shall indemnify PFC SCOIR, Lender and keep it indemnified at all times against any and all claims, losses damages, costs. liabilities and expenses incurred suffered or paid by it or required to be incurred suffered or paid by it and also against all losses or damage incurred, demands, actions, suit proceedings made filed/ instituted against it, in connection with delay in creation & perfection of any other security (not upto its satisfaction).

B) Obligations of IBREL

1.

it shall indemnify PFC SCOR Lender and keep it indemnified at all times against any and all actual losses incurred. suffered or paid by it or required to be incurred, suffered or paid by it and also against all losses or damage incurred, demands, actions, suit proceedings made or decisions and order from judicial fora/courts/tribunals. in connection with, or arising due to the change in name of the Borrower from "Indiabulls Power Limited to Rattanindia Power Limited.”

“2.

UNDERTAKING

i.

RRIPL and RIL hereby jointly and severally, unconditionally acknowledge, represent, accept, undertake, declare and assure as follows:-

(a)

they shall infuse Equity (as and when required by PTC SCOR Lender) to ensure maintenance of the prescribed debt in equity ratio,

(b)

they shall (jointly and severally) bring/infuse further equity Funds to meet Cost Overrun without any recourse to PFC SCOR. Lender and/or the Lenders/Project Assets and shall seek prior consent of the Lenders and PFC SCOR Lender if the equity fund is brought in by third parties.

(c)

they shall fund any/all liquidated damage/ penalty payable under the power purchase agreements and any financial implication caused as a result thereof shall be from their own resources without recourse to the Project Assets

(d)

they shall submit all documents/certificates deeds writings/ agreements statement of accounts evidencing the source of funds in respect of each tranche of Equity infused by them towards the Second COR Upfront Equity and every tranche thereafter to the satisfaction of PFC SCOR Lender

(e)

they shall cause and ensure that the Second COR-Upfront Equity shall be in the form of Equity only:

(f)

they shall, in consonance with their shareholding and to that extent, retain management control of the Barrower, and

(g)

they shall in consonance with their shareholding and to that extent, retain majority representation on the board of directors of RPL.

ii.

RRIPL, IBREL and RIL, shall, in consonance with their shareholding and to that extent, not divest their respective shareholding in the Borrower and shall jointly retain and maintain 51% (fifty one percent) of the issued, subscribed and fully paid up equity shares (carrying ordinary voting rights as recognized under the Companies Act) issued by the Borrower,

iii.

Obligaion of IBREL

In the event RIL and RRIPL fail to meet their obligations (set out in 2 i (a) (b) and (d) above) within 5 (five) days upon receipt of notice in relation thereto from PFC SCOR Lender, IBREL, shall immediately (after expiry of 5 days) make good the shortfall in connection with the Cost Overrun. The obligations of IBREL shall be in force and effect till the COD of the Project is achieved. Notwithstanding anything contained herein, this Undertaking insofar as obligations of IBREL are concerned shall automatically, without any affirmative action or event or notice, expire and IBREL shall be discharged upon the COD of the Project.

2.1

The Promoters irrevocably and unconditionally declare and assure that in the evens they fail to fulfill their obligations listed in Article 2.1 above, in the manner and time stipulated herein in the Facility Agreement, there would be recourse against the Borrower, and it shall be an Event of Default under the Underwriting Facility Agreement and PFC SCOR Lender will have the right to PFC SCOR Lender may accelerate the Second Cost Overrun Facility in terms of the Underwriting Facility Agreement and the PFC SCOR Lender may take such other action as may be contemplated thereunder.”

Question No.(IV)

“14.

Therefore, in accordance with this Section, no proceedings under Section 7, 9 and 10 of the IBC can be initiated against the Corporate Debtor for the default which has occurred between the period from 25.03.2020 till 24.03.2021. It is abundantly clear that the intention of the legislature is to completely bar the institution of any application ever for initiation of CIRP for the default having occurred during the period 25.03.2020 till 24.03.2021. Where the default is shown to have arisen on 28.09.2017, Section 10A cannot be invoked to shield a pre-existing default. The Applicant's evidence of NPA classification and continuing unpaid liability defeats the Section 10A bar contention. Further, the law is well-settled that steps under the SARFAESI Act are consequences of default and do not postpone or shift the date of default.”

“27.

In view of the clear stipulation in the Deed of Guarantee, default on the part of the Guarantor cannot be treated to be on 05.09.2019, when it is alleged that the Principal Borrower committed default, nor the default on the part of the Guarantor can be on date of NPA i.e. 05.12.2019 for the purpose of present case. In the present case, admittedly, the Bank has issued notice dated 01.10.2020 to the Principal Borrower as well as to the Guarantor - Essel Infraprojects Ltd. Notice dated 01.10.2020 which has been brought on the record indicate that notice is addressed to the Principal Borrower and to Guarantors. In Para 8 of the notice following has been stated:

"8.

Our Clients states that, You Nos.2 to 4, executed Deed of Guarantee on respective dates inter alia agreeing to pay on demand and without demur to our clients alongwith interest, cost, charges, expenses and/or other money due thereon from time to time in terms of the Agreement of Loan for overall limits, Agreement of Hypothecation of Goods and Assets and Supplemental Agreements."

29.

The notice dated 01.10.2020, thus, has been issued invoking the grantee which expression is used in Para 12 above. When the Bank has given time to the Guarantor to make payment on 01.10.2020, there can be no default on part of the Guarantor on any earlier date. The default on part of the Guarantor thus has to be subsequent to the notice dated 01.10.2020 i.e. Non-payment within seven days as required.

30.

In Part IV of the application, date of declaration of the Principal Borrower's account as NPA i.e. 05.12.2019 was mentioned. Part IV also clearly mentions the invocation of guarantee by notice dated 01.10.2020. Relevant portion of Part IV reads as follows:

"DATE OF DECLARATION OF THE BORRWER'S ACCOUNT AS NPA: December 5, 2019.

(a)

It is submitted that the Borrower failed in making payments under the Facilities from the year 2019 onwards. Accordingly, a breach of the contractual arrangement between the Financial Creditor and the Borrower for the Facilities, occurred and consequently a breach of the contractual arrangement between the Financial Creditor and the Corporate Debtor.

(b)

In view of the same, a Notice dated October 1, 2020, was issued by the Advocates of the Financial Creditor. In the said Notice, the Financial Creditor also invoked the corporate guarantees provided by various group companies of the Borrower, including by the Corporate Debtor herein. A copy of the Notice is marked and annexed hereto as Annexure-I (L).

(c)

However, despite repeated reminders, the Borrower and the Corporate Debtor has failed to cure its default and the Facilities remain unpaid. Thus, it is submitted that the Corporate Debtor has become insolvent and initiation of corporate insolvency resolution process ("CIRP") under the Insolvency and Bankruptcy Code, 2016 ("Code") against the Corporate Debtor, is essential, crucial and in the interests of all stakeholders.

(d)

Thus, the present Application is filed by the Financial Creditor under Section 7 of the Code, seeking the initiation of CIRP against the Corporate Debtor, in accordance with the provisions of the Code and the Rules and Regulations made thereunder."

31.

When the notice dated 01.10.2020 is relied by the Financial Creditor with further stipulation that the Financial Creditor has invoked the corporate guarantee, the default of corporate guarantor has to be subsequent to 01.10.2020.”

Question (V)