Status quo in Debt Recovery Tribunal proceedings maintained pending further hearing on Insolvency and Bankruptcy Code applicability to guarantors.

Proceedings concerning a writ petition against a Debt Recovery Tribunal order were adjourned, with the court directing the parties to maintain status quo before the Tribunal pending further hearing. The asserted applicability of the Insolvency and Bankruptcy Code, 2016 to guarantors was not finally decided at this stage, as the matter was simply relisted for a fresh hearing on 20.7.2017. The operative effect was to preserve the existing position before the Tribunal until the next date.

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Issues: (i) Whether the writ petition challenging the Debt Recovery Tribunal's order required immediate adjudication on the asserted applicability of the Insolvency and Bankruptcy Code, 2016 to the guarantors. (ii) Whether the proceedings before the Debt Recovery Tribunal should be kept in status quo pending further hearing.

Outcome: The matter was adjourned and listed fresh on 20.7.2017, with the parties directed to maintain status quo regarding the proceedings before the Debt Recovery Tribunal.

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