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2019 (1) TMI 2036 - NATIONAL COMPANY LAW TRIBUNAL , HYDERABAD BENCHSeeking directions of this Tribunal to disclose the details and status of the Bank Guarantees/letter of credits issued by the Applicant on behalf of Corporate Debtor - Rule 11 of NCLT Rules, 2016 r/w Section 60 of IBC, 2016 - HELD THAT:- The main petition filed by Corporate Applicant is admitted and IRP is appointed. The Applicant being a Financial Creditor will be included in the CoC to be constituted by IRP. Being a member of CoC, the Applicant can gather information through IRP regarding details of Bank Guarantees invoked. The amount covered by Bank Guarantee if invoked will be included in the claim due to the Applicant. Therefore, at present there is no need to direct the Corporate Applicant to furnish the details of Bank Guarantee so invoked by beneficiaries and it is always open to the Applicant to gather information since Corporate Applicant triggered CIRP against it - Application disposed off. Maintainability of application - fraudulent intention to stall the proceedings initiated before DRT - initiation of CIRP u/s 10 of the Insolvency and Bankruptcy Code, 2016 - default in repayment of loans borrowed from various financial creditors - HELD THAT:- The Corporate Applicant has to establish for admission of Petition filed under Section 10 of IBC, 2016 that existence of debt, occurrence of default and Corporate Applicant is not disqualified under Section 11 of the Code. If Adjudicating Authority is satisfied that there is debt payable by Corporate Applicant to Financial Creditors and that the Corporate Applicant committed default and that Corporate Applicant is not disqualified under Section 11, then Adjudicating Authority has no option but to admit the Petition, unless it is incomplete, in which case the Corporate Applicant is to be accorded time to rectify the defects - The Adjudicating Authority admits this Petition under Section 10 of IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code, with directions imposed. Seeking directions of this Tribunal to restrain 1st and 2nd Respondents from dissipating with the Secured Assets, pursuant to recovery proceedings initiated by both the Respondents under SARFAESI Act, 2002 - HELD THAT:- The prayer sought by the Applicant cannot be granted since Financial Creditors are proceeding against the guarantors for recovery of debt due by Corporate Applicant by sale of the properties given as a security by Guarantors. Since main petition filed by Corporate Applicant under Section 10 is admitted and IRP is appointed, then the reliefs prayed by the Applicant cannot be granted. The Financial Creditors are entitled to proceed against the guarantors. The Corporate Applicant has not right to stop the Financial Creditors to proceed against it for recovery of the debt due from the sale of assets given as security - Petition filed under Section 10 is misconceived and is therefore, dismissed as not maintainable.
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