2018 (6) TMI 734

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....orate Insolvency Resolution Process against 'M/s Vista Steel Pvt. Ltd.' ('Guarantor - Corporate Debtor'). The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata by impugned order dated 15th December, 2017 dismissed the application on the ground that during the pendency of the proceeding against the Principal Borrower no Corporate Insolvency Resolution Process can be initiated against the Guarantor. 2. Similar issued fell for consideration before this Appellate Tribunal in 'State Bank of India V/s. Mr. V. Ramakrishnan & Ors. in Company Appeal (AT) (Insolvency) No. 213 of 2017', where in this Appellate Tribunal by judgment dated 28th February, 2018' observed and held as follows: "13. Therefore, a 'Financial Cred....

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....her authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; - (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3....

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....V/s. D.S. Rajendra Kumar, etc. in Company Appeal (AT) (Insolvency) No. 87-91 of 2018' having noticed the aforesaid decision in 'State Bank of India V/s. V. Ramakrishnan & Ors.' while reiterated the decision by judgment dated 18th April, 2018, further observed and held as follows: "5. The case of the Appellant and the Respondents being covered by the aforesaid decision, no further order is required to be passed in these appeals. However, it is made clear that order of 'Moratorium' will be applicable only to the proceedings against the 'Corporate Debtor' and the 'Personal Guarantor', if pending before any court of law/Tribunal or authority but the order of 'Moratorium' will not be applicable for filing application for triggering 'Corporate ....