Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2018 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (6) TMI 734 - AT - Insolvency and BankruptcyCorporate Insolvency Resolution Process - Resolution Plan already been approved - Held that:- The order of Moratorium will be applicable to the proceedings against the ‘Corporate Debtor’ and the ‘Guarantor’, if pending before any court. However, such order of Moratorium will not be applicable for triggering ‘Corporate Insolvency Resolution Process’ under Section 7 or 9 of the Insolvency and Bankruptcy Code, 2016 against the ‘Guarantor’ or the ‘Personal Guarantor’. Resolution Plan having approved subsequently on 12th February, 2018 will not affect the rights of Appellant- Financial Creditor, who filed the application under Section 7 much prior to approval of the Resolution Plan. Infact the impugned order was passed on 15th December, 2017 i.e. much prior to the approval of Resolution Plan. The case is remitted to the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata for admission of the application, if the application is complete, after notice to the parties. If there is any defect, the Adjudicating Authority will allow the Appellant to remove the defects within a reasonable time
|