2020 (1) TMI 1251

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....he Parties are represented through their respective Learned Counsel. 1. In respect of main IB Petition, the Petitioner began his arguments, which are continued. During the course of argument Adv. Mr. Vikram Trivedi, Petitioner Counsel has contended that the Petitioner/Financial Creditor has moved this I.B Petition against the Corporate Debtor who happened to be a Corporate Guarantor of the princi....

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....refore, as per the Petitioners Counsel the Financial Creditor has been granted a liberty to recover the amount of remaining debts of the Corporate Debtor (KWPCL) from its guarantor including the present Corporate Debtor, i.e., Avantha Power & infrastructure Limited, who stood as Corporate Guarantor towards loan liability of KWPCL. Hence, the guarantee furnished by it is not yet extinguished and st....

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....s discharged and no debts can lie against it after approval of resolution plan, the guarantee furnished to (sic) such debts also stands extinguished and cannot 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&#39....

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....y its confidentiality non-disclosure Article/Clause. However, a copy of relevant extract, which pertains to the Respondent and relevant for disposal of the present I.B proceedings, can be provided to the Respondent provided this Adjudicating Authority, feels appropriate and directs so, because, the present Respondent has not been member of Suspended Management. However, the learned counsel for the....