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TMI Blog2019 (9) TMI 1431X X X X Extracts X X X X X X X X Extracts X X X X ..... was reserved for orders on 20.08.2019. 2. Pursuant to conclusion of arguments and upon matter being reserved for orders, two persons namely, Shri. L. Sridhar, R/o. Plot No. 1155, road No.54, Jubilee Hills, Hyderabad - 500033, TG and Shri. L. Rajagopal, R/o. D.No.32-2-10C, Madhu Nagar, Mogalrajpuram, Vijaywada - 520010, AP have filed four applications bearing IA No.751/2019, 752/2019, 753/2019 & 754/2019 on 27.08.2019 as under:- IA No.751/2019 i. The present IA No.751/2019 is filed inter alia praying this Adjudicating Authority to reopen the CP(IB)No.420/7/HDB/2019, which was reserved for orders on 20.08.2019, for further hearing on the company applications filed by the Applicant herein and pass such other order or orders as this Adjudic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplicants herein are not prejudiced as a result of the Petition filed by the financial Creditor; and b) Pass necessary directions to protect the Applicants under IBC, and otherwise in law by declaring that the corresponding loan is being successfully services, and c) Pass any other and further orders and directions that this Adjudicating Authority may direct in the interest of justice and equity. 3. This Adjudicating Authority upon consideration of the IA No.751/2019 along with IA No.752/2019, 753/2019 & 754/2019 for re-opening the CP(IB)No.420/7/HDB/2018 which was reserved for orders on 20.08.2019 posted for their hearing on the Company Application filed by the Applicants herein. Senior counsel, Mr. L. Ravichander appeared on behalf o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and therefore, the Applicants have neither given said guarantee in favour of Axis Bank nor have any liability towards any amount that the Corporate Debtor may owe to the Financial Creditor. Nevertheless, in view of the Petition for Resolution U/s.7 of the Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor, which is pending adjudication before this Adjudicating Authority may gravely prejudice Applicants by exposing them to recovery proceedings by lenders of the Corporate Debtor, despite continued service of the relevant loans as well as disqualification from doing any business with whatsoever in the field of stressed assets under resolution through the IBC, 2016. 9. It was stated on behalf of the Applicants that they are se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the I&B Code including the 'shareholders' or the 'personal guarantor' etc." 13. Further, referring to provisions of Sec.60(2)(3), the Hon'ble NCLAT has laid down that in view of these provisions an Insolvency Resolution or Bankruptcy Petition can be filed with regard to a 'personal guarantor' of 'Corporate Debtor' before the same Adjudicating Authority where Application against the 'Corporate Debtor' is pending in terms of sub-section(2) of Section 60. In such case 'personal guarantor' may claim his right of hearing which is filed against the 'personal guarantor' and he may also address the Adjudicating Authority if the CIRP is pending against the Corporate Debtor. 14. If the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hi Finance Corporation Ltd. AIR 1992 SC 711, the principles of judicial discipline require that the orders of the higher appellate authorities should be followed unreservedly by the sub-ordinate authorities and that utmost regard should be paid by the Adjudicating Authorities and the appellate authorities to the requirements of judicial discipline and the need for giving effect to the orders of higher appellate authorities which are binding on them. 18. Therefore, respectfully following the guidance available in the aforesaid two Judgements of the Hon'ble NCLAT, we are of the considered view that the Applicants cannot be impleaded at this stage of the proceedings as they are neither the Financial Creditor nor the Corporate Debtor in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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