NCLT admits PNB's personal IBC plea against Trident Tools' Narendra Gupta
This story was originally published at 12:56 IST on 17 December 2024
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NEW DELHI – The Mumbai bench of the National Company Law Tribunal has admitted a petition by Punjab National Bank to start personal guarantor's insolvency resolution proceedings against Narendra Gupta, former chairman and whole time director and Trident Tools Ltd. Gupta had given a personal guarantee to Punjab National Bank in respect of the loan facilities availed by Trident Tools.
"Initiate insolvency resolution process against the respondent/personal guarantor named Mr. Narendra Gupta and moratorium in relation to all the debts is declared, from today(Monday)," said the tribunal. The moratorium against Gupta shall cease to have effect at the end of the period of 180 days, or when tribunal passes order on the repayment plan, whichever is earlier, said the bench of technical member Anil Raj Chellan and judicial member Kuldip Kumar Kareer.
After Trident Tools defaulted in repayment of loans to Punjab National Bank, its account was classified as a non-performing asset in 2016. Thereafter, in 2019, the insolvency proceedings commenced against Trident Tools on a plea by Punjab National Bank.
Punjab National Bank had issued a demand notice in 2021 to Gupta. However, despite the notice, the guarantee remained unsatisfied as Gupta had failed to clear the arrears of debts due by Trident Tools to the bank. According to the order, the amount of default by Gupta was INR 1.26 billion.
At 1237 IST, the shares of Punjab National Bank were down 0.9% at INR 107.18 on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Surya Tripathi
Edited by Deepshikha Bhardwaj
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