Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (3) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (3) TMI 1351 - NATIONAL COMPANY LAW TRIBUNAL , CHENNAI BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Personal Guarantors - existence of debt and dispute or not - HELD THAT:- It is seen from Part - III at SI. No. 13 of the Application that the Personal Guarantor has executed the Deed of Guarantees dated 31.08.2005, 29.12.2009 & 19.12.2013 and the said Deed of guarantees is enclosed along with the typed set filed along with the Application - the Demand Notice which was issued under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 to the Personal Guarantor on 22.10.2020 is also placed on record. The Learned Counsel for the Applicant had filed rejoinder to the Counter wherein the Applicant refuted the allegations made by the Guarantor and stated that the personal guarantor is projecting the case of the borrower company and raised several pleas available to the borrower which is not maintainable. In this case, the borrower's liability has been adjudicated and he is made liable. In addition to that, the Personal Guarantor has not preferred any appeal against the decree passed by Hon'ble DRT and the said decree has become final. Further, the CIRP proceedings against the said Corporate Debtor is pending in IBA/624/2019 before this Tribunal. Hence, the Applicant is seeking to admit this application as per the facts stated in the application. All the defences raised by the Corporate Debtor will be considered at the time when the RP files his report under Section 99 of IBC, 2016 and when the matter is taken up for admission or rejection under Section 100 of IBC, 2016. Application admitted.
|