hence, the Application deserves to be dismissed. According to him, the SARFAESI Notice is not a notice of invocation of corporate guarantee of the entire outstanding amount along with interest as on 31.07.2015. On a perusal of Clause 4 of the Guarantee Agreement dated 28.09.2013 indicates that in the event of any default on the part of the borrower in payment / repayment, the guarantor shall, upon demand, forthwith pay the CDR lenders without demur all the amounts payable by the borrower under the Master Restructuring Agreement / Working Capital Facility Agreement, as the case may be. The SARFAESI Notice reveals that the FC had already called upon the principal borrower (ANFL) and the corporate guarantor (CD), for repayment. It is further mentioned that on account of default in payment of instalment / interest / principal debt, the consortium including the FC recalled the credit facilities, which were based on the corporate guarantee of the CD as well as personal guarantees of the directors of the CD, viz., Mr. Ajay S Mittal and Mrs. Archana Mittal. Regarding invocation of corporate guarantee, para 4 of the SARFESI Notice clearly mentions that “Your Guarantee is hereby invoked.” This includes the personal guarantee of Mr. Ajay S Mittal and Mrs. Archana Mittal and the corporate guarantee of the CD. Therefore, it is clear that the FC duly invoked the guarantees, including the corporate guarantee, vide the SARFESI Notice, and, hence, no further invocation of guarantee is warranted. Thus, this issue is found against the CD.
