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2020 (9) TMI 263 - HC - Insolvency and BankruptcyLacunae and inordinate delay in the commencement and implementation of CIRP - exclusion of 120 days of the CIRP Process from the date of commencement of the CIRP viz., 29.12.2017 and direct the continuation of the CIRP Process for a further period of 120 days - HELD THAT:- In the instant case, the guarantor is not directly involved in the management of the company. She is a third party. It is also observed in the instant case that the securitization notice under Section 13 (2) is dated 13.02.2019 and is not an independent notice. It is not only for the guarantors property when the appeal of the company under NCLAT was pending, but for all the properties taken as collateral securities for the credit facilities to the corporate Debtor. The final order of the NCLAT is dated 25.02.2019 and this in fact marked the culmination of the proceedings under the Insolvency and Bankruptcy Code, 2016, though technically speaking the CIRP was over on 24.09.2018. The outcome of the appeal in NCLAT was crucial because the petitioner / appellant had wanted further extension of time. Moreover, the financial creditor, State Bank of India did not proceed against the personal guarantor separately. It was only by way of the securitization notice dated 13.02.2019 issued to the Corporate Debtor with copies to all the guarantors. The prayer in the WP.No.31140 of 2019 is filed for writ of mandamus directing the Insolvency and Bankruptcy Board of India to dispose of the complaint dated 23.01.2019 submitted by the petitioner to them in 'Form A' against the orders in NCLT in MA/498/2018 and MA/460/2018 in CP/666/IB/2017. Mr.M.L.Ganesh, learned counsel appearing for the 7th respondent / State Bank of India, contended that the writ petition itself has become infructuous since the 4th respondent had already considered the complaint dated 09.01.2019 (and not 23.01.2019 as mentioned in the writ petition) and the same has been closed after verification of records submitted by the IRP / RP. He would further contend that the 4th respondent had also directed the RP to follow the liquidation rules. This writ petition is also infructuous for the reason that the NCLAT on an appeal preferred by the petitioner in this writ petition had disposed of both the petitions filed by him against the orders of NCLT. Petition disposed off.
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