TMI Blog2018 (6) TMI 734X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 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 - Company Appeal (AT) (Insolvency) No. 13 of 2018 - - - Dated:- 2-5-2018 - Mr. S. J. Mukhopadhaya And Mr. Bansi Lal Bhat, JJ. For The Appellant : Mr. Ramji Srinivasan, Mr. Anand Shankar Jha, Mr. Md. Ali, Mr. Naveen Hegde and Mr. Tushar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty under Part III) as contemplated under Part III of the I B Code for the purpose of sub-section (2) as apparent from sub-section (4) of Section 60 of the I B Code as quoted below: 60. Adjudicating Authority for corporate persons. ─ ( 4) The National Company Law Tribunal shall be vested with all the powers of the Debt Recovery Tribunal as contemplated under Part III of this Code for the purpose of sub-section (2). 14. Section 14 of the I B Code empowers the Adjudicating Authority to declare Moratorium for prohibiting all of the matters as stipulated thereunder and quoted below: 14. Moratorium. ─ ( 1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. 15. On bare perusal of the aforesaid provisions, it is clear that not only institution of suits or continuation of pending suits or proceedings against the Corporate Debtor are prohibited from proceedings, in terms of clause (b) of sub-section (1) of Section 14 of the I B Code , transfer, encumbrance, alienation or disposal of any of its assets of the Corporate Debtor and/ or any legal right or beneficial interest therein are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 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 . 4. Learned counsel appearing on behalf of the Respondent submits that the Resolution Plan has already been approved, wherein it is stated that during the implementation of Resolution Plan, guarantors/ financial creditor/ corporate debtor shall not pursue any legal proceeding or objections made before any court of law or tribunal in respect of any issues relating to or arriving ..... X X X X Extracts X X X X X X X X Extracts X X X X
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