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2022 (6) TMI 557 - Insolvency & Bankruptcy
Head Note / Extract:
Maintainability of application - initiation of CIRP - personal guarantors of the Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of its debt and dispute or not - HELD THAT:- It can be seen that the deeds of guarantee dated 25.02.2013 and 12.10.2015, have been executed between the Applicant and Nathella Sampath Chetty & Co., Respondent herein who is a partnership firm. It is clear that the Respondent who is a guarantor of the Corporate Debtor is a partnership firm and this application is not under the purview of this Adjudicating Authority. Further, the provisions relating to partnership firm is yet to come into force. Hence, the present is application filed by the Applicant is misconceived. The application stands dismissed.