K. PARAMASIVAM Vs. KARUR VYSYA BANK LTD

JUDGEMENT

(1.) This appeal under Sec. 62 of the Insolvency and Bankruptcy Code, 2016, hereinafter referred to as the "IBC", is against a final judgment and order dtd. 18/11/2019, passed by the National Company Law Appellate Tribunal (NCLAT) dismissing the Company Appeal (AT) (Insolvency) No.538 of 2019, against an order dtd. 8/4/2019 passed by the Adjudicating Authority, admitting the application filed by the Respondent No.1 being CP/1314/IB/2018 under Sec. 7 of the IBC for initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Maharaja Theme Parks and Resorts Private Limited, hereinafter referred to as "Maharaja Theme Parks and Resorts".

(2.) The Appellant is the promoter, shareholder and suspended/ discharged director of Maharaja Theme Parks and Resorts, a company registered under the Companies Act, 1956. The Respondent No.1, hereinafter referred to as "Financial Creditor" had advanced credit facilities to the following three entities:-

(3.) Maharaja Theme Parks and Resorts stood guarantor for the loans availed by all the three borrowers. The borrowers failed to repay the debts payable by them to the Financial Creditor.