9911796707
TMI Blog2021 (7) TMI 268X X X X Extracts X X X X X X X X Extracts X X X X ..... eph Suspended Director of Wizcraft International Entertainment Pvt. Ltd., under Section 61 of the 'Insolvency and Bankruptcy Code, 2016' (for short 'Code') against the order dated 10.05.2021 whereby admitted the Application under Section 7 of the Code. 2. We have already admitted this Appeal for hearing on 16.06.2021. However, Ld. Counsel for the Respondent was not served with the Appeal Paper Book. Therefore, at his request, the matter was adjourned. 3. Brief facts of the case are that this is a case of admission under Section 7 of the 'Code' on account of alleged due of Rs. 60,39,87,991.41 being the petition filed by IDBI Bank Limited, Mumbai. The Respondent Bank-IDBI Bank/Respondent No. 1 issued sanction letter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Enforcement of Security Interest Act, 2002, and under Recovery of Debt Due to Banks and Financial Institutions Act, 1993' (SARFAESI Act). 4. The Appellant informed on 27.09.2017 that the principal borrower is in some financial distress and all stakeholders including government of Haryana are firming up a solution for their financial distress. On 08.08.2018, the Respondent No. 1 secured possession of the properties under SARFEASI Act. The Appellant has also informed that the Respondent Bank initiated 'Corporate Insolvency Resolution Process' (CIRP) against the corporate guarantor in August, 2019. In between the period without the consent of the Appellant, the Respondent Bank has provided 'NoC' allowed fresh biding on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also in distress for collection of their dues and hence stay should not be granted. He asserted that even the Appellant has moved to the 'Hon'ble High Court of Punjab and Haryana' vide 'CWP No. 10550/2021' and such relief has not been granted. On the issue of 'NoC' for tender, the Respondent banks submitted that they have only provided their no objection so that they can opt for re-leasing and bank can recover the money. They have not annulled the corporate guarantee and Corporate Guarantor is liable for this in accordance with the provisions of the Code. He also referred the provisions of Section 128 of the Indian Contract Act, 1872 which provides that the liability of the surety is co-extensive that of the prin ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
