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Issues: Whether the moratorium in a corporate insolvency resolution process extends to the personal and individual assets of a director of the corporate debtor and whether the notice issued under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 was liable to be withdrawn.
Analysis: The moratorium applies only to the assets of the corporate debtor and does not extend to the personal or individual assets of its director. The director's properties were therefore outside the scope of the corporate insolvency resolution process.
Conclusion: The appeal failed. The notice was not required to be withdrawn and the dismissal of the application was affirmed.
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