TaxTMI 
TaxTMI 
2019 (9) TMI 1431
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....as reserved for orders on 20.08.2019. 2. Pursuant to conclusion of arguments and upon matter being reserved for orders, two persons namely, Shri. L. Sridhar, R/o. Plot No. 1155, road No.54, Jubilee Hills, Hyderabad - 500033, TG and Shri. L. Rajagopal, R/o. D.No.32-2-10C, Madhu Nagar, Mogalrajpuram, Vijaywada - 520010, AP have filed four applications bearing IA No.751/2019, 752/2019, 753/2019 & 754/2019 on 27.08.2019 as under:- IA No.751/2019 i. The present IA No.751/2019 is filed inter alia praying this Adjudicating Authority to reopen the CP(IB)No.420/7/HDB/2019, which was reserved for orders on 20.08.2019, for further hearing on the company applications filed by the Applicant herein and pass such other order or orders as this Adjudica....
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....plicants herein are not prejudiced as a result of the Petition filed by the financial Creditor; and b) Pass necessary directions to protect the Applicants under IBC, and otherwise in law by declaring that the corresponding loan is being successfully services, and c) Pass any other and further orders and directions that this Adjudicating Authority may direct in the interest of justice and equity. 3. This Adjudicating Authority upon consideration of the IA No.751/2019 along with IA No.752/2019, 753/2019 & 754/2019 for re-opening the CP(IB)No.420/7/HDB/2018 which was reserved for orders on 20.08.2019 posted for their hearing on the Company Application filed by the Applicants herein. Senior counsel, Mr. L. Ravichander appeared on behalf of....
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.... and therefore, the Applicants have neither given said guarantee in favour of Axis Bank nor have any liability towards any amount that the Corporate Debtor may owe to the Financial Creditor. Nevertheless, in view of the Petition for Resolution U/s.7 of the Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor, which is pending adjudication before this Adjudicating Authority may gravely prejudice Applicants by exposing them to recovery proceedings by lenders of the Corporate Debtor, despite continued service of the relevant loans as well as disqualification from doing any business with whatsoever in the field of stressed assets under resolution through the IBC, 2016. 9. It was stated on behalf of the Applicants that they are see....
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....of the I&B Code including the 'shareholders' or the 'personal guarantor' etc." 13. Further, referring to provisions of Sec.60(2)(3), the Hon'ble NCLAT has laid down that in view of these provisions an Insolvency Resolution or Bankruptcy Petition can be filed with regard to a 'personal guarantor' of 'Corporate Debtor' before the same Adjudicating Authority where Application against the 'Corporate Debtor' is pending in terms of sub-section(2) of Section 60. In such case 'personal guarantor' may claim his right of hearing which is filed against the 'personal guarantor' and he may also address the Adjudicating Authority if the CIRP is pending against the Corporate Debtor. 14. If ther....