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TMI Blog2017 (8) TMI 1678X X X X Extracts X X X X X X X X Extracts X X X X ..... BP/NCLT/MB/MAH/2017, whereby and whereunder the application preferred by appellant under Section 10 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "I & B Code") has been admitted, an order of Moratorium has been passed and Insolvency Resolution Professional has been ordered to be appointed. 2. The grievance of the appellant is that the movable and immovable property of Guarantor (promoter) has been attached pursuant to Corporate Resolution Process initiated under section 10 against the Appellant-Corporate Applicant. However, such statement has been disputed by the Ld. Counsel appearing on behalf of 1St Respondent/ 'Financial Creditor'. 3. From the impugned order, we find that the Ld. Adjudicating Authority ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor, due to the reason that Section 10(3) has specified that the Corporate Applicant shall furnish "its" Books of Accounts. This Bench has no legislative authority to expand the meaning of the term "its" even under the umbrella of 'Ejusdem generis'. 8.2 The outcome of this discussion is that the Moratorium shall prohibit the action against the properties reflected in the Balance Sheet of the Corporate Debtor. The Moratorium has no application on the properties beyond the ownership of the Corporate Debtor. As a result, the Order of the Hon'ble Court directing the Court Commissioner to take over the possession shall not fall within the clutches of Moratorium. Even otherwise, the provisions of The Securitisation and Reconstruc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ehalf of the Appellant submitted that the appellant has grievance only relating to qualifying part of the impugned order as quoted above. According to the appellant, the Moratorium should take into its recourse on the subject matters and assets relating to its matters pending before the Debt Recovery Tribunal (DRT) and under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI). 5. However, we are not inclined to accept such submissions as Appellant-Corporate Applicant has sought for "its" own insolvency resolution process that will include only the assets of the Corporate Debtor and not any assets, movable or immovable of a third party, like any director or other. In so far as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be filed before such National Company Law Tribunal. (3) An insolvency resolution process or bankruptcy proceeding of a personal guarantor of the corporate debtor pending in any court or tribunal shall stand transferred to the Adjudicating Authority dealing with insolvency resolution process or liquidation proceeding of such corporate debtor. (4) The National Company Law Tribunal shall be vested with all the powers of the Debt Recovery Tribunal as contemplated under Part III of this Code for the purpose of sub-section (2). (5) Notwithstanding anything to the contrary contained in any other law for the time being in force, the National Company Law Tribunal shall have jurisdiction to entertain or dispose of- (a) any application or proc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate debtor. 7. Sub-section (3) of Section 60 further makes it clear that if an insolvency resolution process or bankruptcy proceeding of a personal guarantor of the corporate debtor is pending before any other court of law or Tribunal, such as "Debt Recovery Tribunal", who is the Adjudicating Authority for the purpose of Part-III- Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms all those proceeding shall also stand transferred to the Adjudicating Authority, dealing with insolvency resolution process or liquidation proceeding of the Corporate Debtor. 8. Sub-section (5) of Section 60 further makes it clear that the Adjudicating Authority has jurisdiction to entertain and dispose of an application or proceedin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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