(1.) Petitioner is a guarantor to the loan taken by the Cheema Spintex Limited (for short 'the Company') from the State Bank of India (for short 'the Bank').
(2.) In 1997, the Company had obtained certain facilities from the Bank and at that time the petitioner, who was also a Director of the Company, stood as a guarantor and pledged his assets in support of the loan.
(3.) According to the petitioner, on account of the reasons beyond the control of the Company, it could not meet its repayment obligations and came to be classified as Non Performing Asset on 13/3/2016.