TMI Blog2020 (12) TMI 644X X X X Extracts X X X X X X X X Extracts X X X X ..... entertain the present Writ Petition for the purpose of examining the validity of the proceedings initiated under the provisions of SARFAESI Act. This Court deems it proper to dispose of the Writ Petition, with a liberty to the petitioners herein to file an appropriate petition before the Debts Recovery Tribunal against the steps taken by the respondents under the provisions of the SARFAESI Act, within a period of two (02) weeks from the date of receipt of a copy of this order - Petition disposed off. - Writ Petition No. 22279 of 2020 - - - Dated:- 1-12-2020 - Akula Venkata Sesha Sai And K. Suresh Reddy , JJ. For the Appellant : G. Kalyan Chakravarthy, Advocate For the Respondents : Satyanarayana Murthy, Advocate ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed counsel for the respondents 1 2/bank contends that the safeguard provided under Section 14 of IBC cannot be extended to the personal guarantors and is applicable only to the corporate creditors. It is also the submission of the learned counsel for the respondents that when the said question fell for consideration before the Hon'ble Apex Court in Civil Appeal No. 3595 of 2018 reported in (2018) 17 SCC 394, the Hon'ble Apex Court held that the protection under Section 14 of the Code is applicable only for the corporate guarantors, but not to the personal guarantors . The said legal position is not disputed by the learned counsel for the petitioners. Therefore, the contention of learned counsel for the petitioners with regard to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rse of hearing, it is brought to the notice of this Court by the learned counsel for the petitioners that in order to prove their bonafides, the petitioners herein will deposit a sum of ₹ 2,00,00,000/- within a period of ten (10) days from today. 10. Taking into consideration of the submissions of the learned counsel for the petitioners and the learned counsel for the respondents, this Court deems it proper to dispose of the Writ Petition, with a liberty to the petitioners herein to file an appropriate petition before the Debts Recovery Tribunal against the steps taken by the respondents under the provisions of the SARFAESI Act, within a period of two (02) weeks from the date of receipt of a copy of this order. It is also made clea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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