TMI Blog2022 (6) TMI 557X X X X Extracts X X X X X X X X Extracts X X X X ..... lating to partnership firm is yet to come into force. Hence, the present is application filed by the Applicant is misconceived. The application stands dismissed. - IBA/763/2020 - - - Dated:- 1-6-2022 - S. Ramathilagam, J. (Member (J)) And Anil Kumar B., Member (T) For the Appellant : K. Chandrasekaran and Lekha Chandrasekar, Advocates ORDER S. Ramathilagam, J. (Member (J)) 1. Under Consideration is an Application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against the personal guarantor Nathella Sampath Chetty Co. of Nathella Sampath Jewellery Private Limited, the Corporate Debtor which is under CIRP. In so far Nathella Sampath Jewellery Private Limited is concerned, an order was passed fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... licant were only offered as the collateral security to the Respondent. In order to suit the policy of the Bank the transaction was formulated as the deed of guarantee and pleaded that the said transaction could not be treated as a guarantee and sought dismissal of this Application. 6. Heard the Learned Counsel for both the parties and perused all the documents placed on record. Before parting with the case we see that this application was filed against the partnership firm, here it is needful to refer relevant provision of the Insolvency and Bankruptcy Code, 2016 Section 60. Adjudicating authority for corporate persons.-- (1) The Adjudicating Authority, in relation to insolvency resolution and liquidation for corporate persons i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (5) and 5(22) makes clear that to file the application against the Personal Guarantors of the Corporate Debtor before this Adjudicating Authority; the Personal Guarantor must be an individual. Moreover, the definition of 'firm' in Section 79(16) clarifies that a firm is a body of individual, which implies the expression 'individual' does not include partnership firm. 7. It can be seen that the deeds of guarantee dated 25.02.2013 and 12.10.2015, have been executed between the Applicant and Nathella Sampath Chetty Co., Respondent herein who is a partnership firm. 8. From the above discussions, it is clear that the Respondent who is a guarantor of the Corporate Debtor is a partnership firm and this application is not u ..... X X X X Extracts X X X X X X X X Extracts X X X X
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