TMI Blog2018 (6) TMI 763X X X X Extracts X X X X X X X X Extracts X X X X ..... iced that Part-III of ‘I&B Code’ has not been given effect but Part-II Section 60(2) having come into force, if ‘Corporate Insolvency Resolution Process’ has been initiated against the ‘Corporate Debtor’, the Insolvency and Bankruptcy Resolution Process against the ‘Personal Guarantor’ can be filed under section 60(2) before the same Adjudicating Authority (National Company Law Tribunal) and not before the Debt Recovery Tribunal (DRT). - Company Appeal (AT) (Insolvency) No. 87 of 2018, Company Appeal (AT) (Insolvency) No. 88 of 2018, Company Appeal (AT) (Insolvency) No. 89 of 2018, Company Appeal (AT) (Insolvency) No. 90 of 2018 And Company Appeal (AT) (Insolvency) No. 91 of 2018 - - - Dated:- 18-4-2018 - Mr. S.J. Mukhopadhaya And Mr. Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1200.00 Total of Fund Based Limits 2475.00 In similar circumstances, the Hon'ble High Court of Allahabad has held that IN THE HIGH COURT OF ALLAHABAD writ - C Nos. 30285 and 30033 of 2017 Decided On: 06.09.2017 Appellants: Sanjeev Shriya and Ors. Vs. Respondent: State Bank of India and Ors. Sanjeev Shriya and Ors. Vs. State Bank of India and Ors. (06.09.2017 - ALLHC) : MANU/UP/2243/2017 The operative portion of Hon'ble High Court's orders are reproduced below: This Court is of the considered opinion that in the aforementioned facts and circumstances once the sufficient safeguards are provided ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Moratorium will cover the Personal Guarantor in view of the decision of this Appellate Tribunal in State Bank of India V/s. V. Ramakrishnan Ors. (Supra) . 4. The issue fell for consideration before this Appellate Tribunal in State Bank of India V/s. V. Ramakrishnan Ors. (Supra) , wherein this Appellate Tribunal by its judgment dated 28th February, 2018 observed and held as follows: 13. Therefore, a Financial Creditor , including Appellant-State Bank of India, if intends to proceed against the Personal Guarantor of the Corporate Debtor , may file an application relating to Bankruptcy of the Personal Guarantor before the same Adjudicating Authority ( Division Bench, Chennai herein). Though, Part III of the I B Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roperty including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (4) The order of moratorium shall have effect from the date of such order till the completion of the corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (2) of section 30, it shall by order approve the resolution plan which shall be binding on the corporate debtor and its employees, members, creditors, guarantors and other stakeholders involved in the resolution plan. 17. From the aforesaid provisions, it is clear that Resolution Plan if approved by the Committee of Creditors under sub-section (4) of Section 30 and if the same meets the requirements as referred to in sub-section (2) of Section 30 and once approved by the Adjudicating Authority is not only binding on the Corporate Debtor , but also on its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan , including the Personal Guarantor . 18. In view of the aforesaid prov ..... X X X X Extracts X X X X X X X X Extracts X X X X
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