2018 (8) TMI 1037

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....tus Three Developments Limited'. In the said case an impleadment application I.A. No. 159 of 2017 was filed by Respondent Nos. 1 and 2 for impleading them as party-respondent. By impugned order dated 25th April, 2018, the Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench has ordered to implead these respondents as party-respondents. 2. Earlier when the matter was taken up before this Appellate Tribunal, learned counsel for the appellant submitted that the respondents are shareholders of the 'Corporate Debtor' and prima facie, we expressed our view that shareholders are not a necessary party as the 'Corporate Debtor' is represented through its Board of Directors. 3. Learned counsel appearing for the respondents submit....

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....ments and records required therein. Form 1 is a detailed form in 5 parts, which requires particulars of the applicant in Part I, particulars of the corporate debtor in Part II, particulars of the proposed interim resolution professional in Part III, particulars of the financial debt in Part IV and documents, records and evidence of default in Part V. Under Rule 4(3), the applicant is to dispatch a copy of the application filed with the adjudicating authority by registered post or speed post to the registered office of the corporate debtor. The speed, within which the adjudicating authority is to ascertain the existence of a default from the records of the information utility or on the basis of evidence furnished by the financial creditor, i....

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....rity for corporate persons ---- (2) Without prejudice to sub-section (1) and notwithstanding anything to the contrary contained in this Code, where a corporate insolvency resolution process or liquidation proceeding of a corporate debtor is pending before a National Company Law Tribunal, an application relating to the insolvency resolution or bankruptcy of a personal guarantor of such corporate debtor shall 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 corpora....