2017 (7) TMI 1262

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....means of present writ petition the petitioners have prayed for quashing the order dated 6.7.2017 passed by the Debt Recovery Tribunal, Allahabad in O.A. No.238/2017 (State Bank of India vs. LML Limited and ors). It has been submitted on behalf of the petitioners that the petitioners are the guarantors of M/s LML Limited, Kanpur, which was declared as sick industrial company by the Board of Indu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....of Rs. 50,000/-. It has been further submitted that Section 60 (1) of the Insolvency and Bankruptcy Code, 2016 stipulates that the adjudicating authority even in relation to personal guarantors would only be NCLT and the petitioners are entitled to approach the NCLT under Section 60 (2) relating to their insolvency resolution under Section 94 of the IB Code. The petitioners are unable to do so ....