2020 (1) TMI 1251

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ition against the Corporate Debtor who happened to be a Corporate Guarantor of the principle borrower/Corporate Debtor, namely, Korba West Power Company Limited, against whom this Bench has admitted an I.B Petition No. 190/10/NCLT/AHM/2018 vide order dated 26.07.2018. 2. The Corporate Insolvency Resolution Process (CIRP) was commenced and completed by approving a Resolution Plan, meant for the Corporate Debtor Company and the principal borrower company has now been taken over by the successful resolution applicant. Thus, it has been discharged from its debts liability. However, the remaining debts of the Kobra West Power Company Ltd. (KWPCL) have not been written off and extinguished, hence, the same are recoverable from the corporate gu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ot be legally enforced against the present Respondent. He also drew our attention that such issue has been agitated before the Hon'ble Supreme Court in the matter of Vishnu Kumar Agarwal vs. M/s. Piramal Enterprises Ltd wherein the Hon'ble Supreme Court has been pleased to grant status quo. Hence, the issue is sub judice. 4. The learned counsel for the Corporate Debtor further contended that a copy of such Resolution Plan approved by the Committee of Creditors (CoC) as well as this Adjudicating Authority has not been provided to Respondent. Hence, whatever condition stipulated therein agreed to by the CoC cannot form basis for initiation of CIRP against the Respondent Guarantor, in the present I.B Petition. Hence, the Petition is....