TaxTMI 
TaxTMI 
2018 (7) TMI 394
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.... matter of Sunsystem Institute of Information Technology Private Limited (for brevity 'the Corporate Debtor'). It is appropriate to mention that the 'financial creditor' is a company incorporated on 26-04-1947 under the Companies Act, 1956. Its assigned identification number L24110MH1947PLC005719. It has its registered office at Piramal Ananta, Agatsya Corporate Park, Opp. Fire Brigade, Kamani Junction, LBS Marg, Kurla (West), Mumbai-400070. 2. Ms. Shikha Varum Ginodia, Manager Legal of the Financial Creditor has been authorized by the Board Resolution dated 16-05-2016 and the consequential Resolution of the Administrative Committee dated 07-12-2017 to sign and submit the petition [Annexure A-l (Colly)]. 3. The Corporate Debtor-Sunsys....
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....ducation and Research (Original Borrower) with the dates of disbursement and the repayment of the said debt was guaranteed by the Corporate Debtor under the Deed of Guarantee dated 18-10-2013. A perusal of part IV of the performa application has highlighted the following particulars of financial debt: "PARTICULARS OF FINANCIAL DEBT 1. TOTAL AMOUNT OF DEBT GRANTED DATE(S) OF DISBURSEMENT Rs. 38,00,00,000 (Rupees Thirty Eight Crores) granted to All India Society for Advance Education and Research ("Borrower") by the Financial Creditor the repayment of which was guaranteed by the Corporate Debtor under the Deed of Guarantee dated 18 October 2013. The loan amount was disbursed in two tranches by the Financial Creditor to the Borr....
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....wer and the guarantors, including the Corporate Debtor on 15-09-2017 which is pending adjudication. In the said civil suit the Principal Borrower has filed its written statement wherein the liability of the Principal Borrower and the validity of the Guarantee given by the Corporate Debtor has been admitted (as per the averments made through additional affidavit filed vide diary No. 846 dated 15-02-2018). The only plea of the Principal Borrower in its written statement is that the Financial Creditor should be directed to restructure the loan. A copy of the written statement filed by the Principal Borrower has been placed on record [Annexure-4 (Colly)]. 8. It is also the pleaded case of the Financial Creditor that it had issued a notice of....
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....ta available at the website of MCA. It was found that the Corporate Debtor had been deliberately avoiding to accept notice and did not choose to come before this Tribunal. Afterwards vide order dated 16-02-2018 respondent was proceeded ex parte. 12. Ms. Misha, learned counsel for the petitioner has argued that all requirements of Section 7 for the initiation of Corporate Insolvency Resolution Process by a Financial Creditor stand fulfilled. In that regard, she has submitted that the application as prescribed by Rule 4(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7(2) of IBC has been filed which is complete in all respects. She has further submitted that the details of the defau....
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....rity) Rules, 2016 read with Section 7 of IBC. We are satisfied that a default has occurred and the application under sub-section 2 of Section 7 is complete; and no disciplinary proceedings are pending against the proposed Interim Resolution Professional. Thus, the application warrant admission. 15. Ms. Misha has highlighted the provisions of Clause 2.1 of the Deed of Guarantee and argued that said clause is legally binding on the Corporate Debtor to pay the financial debt as he has guaranteed repayment unconditionally as primary obligor. 16. Learned counsel has rightly submitted that the liability of the Principal Borrower and the Guarantor is co-extensive and that the Beneficiary of a Guarantee is not required to exhaust its remedies....
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....ate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other 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 an 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." 19. It is made clear that the provisio....