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2021 (10) TMI 1288 - SC - Insolvency and BankruptcySeeking a take over by the Resolution Professional/R-2 over the control and management of the affairs of Corporate Debtor from the 3rd respondent - HELD THAT:- The prayer was made because the appeal was pending and if the matter has been taken up for final hearing, that issue in an appropriate manner can be dealt with in the appeal itself - Application disposed off. Scope of the scrutiny in the present proceedings - impleadment of Bank of Maharashtra - HELD THAT:- The caveat to this expressed by learned counsels for respondents Nos. 1 and 3 is that it would open a pandora’s box and in any case the benchmark of consent of the creditors today is of not 75% but 66% in terms of Section 30, sub- Section (iv) of the Insolvency and Bankruptcy Code, 2016 - learned counsels for respondents Nos. 1 and 3 sought to contend that no creditor de hors the consortium could have invoked the bank guarantee and this is not in the nature of guarantee invoked which is to operate as a bar in terms of Section 29A(h) of IBC. It is also their say that RBL bank was not a part of the consortium and had actually given up their security. On impleadment of the Bank of Maharashtra as respondent No. 11, it is issued notice to the said respondent returnable on 07.11.2021 - List as part-heard for directions in miscellaneous matters on 09.11.2021.
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