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2019 (6) TMI 639 - AT - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - proceedings against Corporate Debtor - approval of resolution plan - grievance of the Appellant is that the claim of the Appellant was not taken into consideration by the ‘Resolution Professional’ because of non-invocation of the Corporate Guarantee, and was neither invited or made a member of the ‘Committee of Creditors’ despite it being a ‘Financial Creditor’ of the ‘Corporate Debtor’ on the basis of its claim against the Corporate Guarantee given by the ‘Corporate Debtor’. HELD THAT:- It is true that the ‘Corporate Debtor’ had taken guarantee but the said guarantee was not invoked in favour of the Appellant- ‘Edelweiss Asset Reconstruction Limited’. However, the said guarantee was not invoked by the Appellant- ‘Edelweiss Asset Reconstruction Limited’ as on the date of admission or filing of the claim - On declaration of ‘Moratorium’, it was not open to the Appellant- ‘Edelweiss Asset Reconstruction Limited’ to invoke the guarantee (Corporate Guarantee). The ‘Resolution Professional’ has rightly not accepted the claim of the Appellant- ‘Edelweiss Asset Reconstruction Limited’ and the Adjudicating Authority has rightly rejected the application filed by the Appellant- ‘Edelweiss Asset Reconstruction Limited’ for accepting its claim. The rejection of the claim for the purpose of collating the claim and making it part of the ‘Resolution Plan’ will not affect the right of the Appellant- ‘Edelweiss Asset Reconstruction Limited’ to invoke the Bank Guarantee against the ‘Corporate Debtor’ in case the ‘Principal Borrower’ failed to pay the debt amount, the ‘Moratorium’ period having come to an end. Appeal dismissed.
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