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2019 (11) TMI 1392 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Principal Borrower - Corporate Debtor or not - Section 7 of the I&B Code - HELD THAT:- It is clear that a Corporate Person, who is the surety in a contract of guarantee to a Corporate Debtor comes within the meaning of Corporate Guarantor. The Appellant M/s. Maharaja Theme Parks and Resorts Private Limited is a Corporate Person being a Company under the Companies Act, 2013. It has given a surety, but not in relation to a contract or guarantee to a Corporate Debtor. It has granted surety with regard to contract with a Debtor Firm or proprietary concern. Therefore, the Appellant - Company Appeal (AT) (Insolvency) No. 538 of 2019 Page 4 of 7 M/s. Maharaja Theme Parks and Resorts Private Limited does not come within the meaning of Corporate Guarantor as defined under Section 5(5A) - From the conjoint reading of Sections 3(7) and (8), it is clear that a Company as defined in clause (2) of Section 2 of the Companies Act, 2013 or Company Appeal (AT) (Insolvency) No. 538 of 2019 Page 5 of 7 a limited liability partnership, as defined in clause (n) of sub-section (1) of Section 2 of the Limited Liability Partnership Act, 2008, or any other person incorporated therein (except any financial service provider), comes within the meaning of Corporate Debtor. It is not in dispute that M/s. Maharaja Theme Parks andResorts Private Limited is a Company under the Companies Act, 2013. Therefore, M/s. Maharaja Theme Parks and Resorts Private Limited comes within the meaning of Corporate Debtor. Appeal dismissed.
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