2020 (1) TMI 1422

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....opadhaya, Chairperson and Mr. Bansi Lal Bhat, Member (Judicial) For Appellant: - Mr. Sanjay Kumar Chhetry, Advocate. For Respondent: - Mr. Jay Kishore Singh and Mr. Mohit Raj, Advocates. ORDER Having heard learned counsel for the Appellant and being satisfied with the grounds, the delay of 14 days in preferring the appeal is hereby condoned. The Appellant- 'M/s. SEW Infrastructure L....

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....'- 'M/s. Amrit Jal Ventures Private Limited' is admitted, the application against the 'Corporate Guarantor' is not maintainable. 3. Reliance has been placed on the decision of this Appellate Tribunal in "Dr. Vishnu Kumar Agarwal v. M/s. Piramal Enterprises Ltd.─ Company Appeal (AT) (Insolvency) No. 346 of 2018 etc." wherein this Appellate Tribunal held: "32. There is no bar in th....

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....of joint liability ('Principal Borrower' and one 'Corporate Guarantor', or 'Principal Borrower' or two 'Corporate Guarantors' or one 'Corporate Guarantor' and other 'Corporate Guarantor'), till it is shown that the 'Corporate Debtors' combinedly are joint venture company. 33. For the reasons aforesaid, while we uphold the initiation of the 'Corporate Insolvency Resolution Process' initiat....

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....nder Section 7. 5. Once it is alleged that the 'Principal Borrower' has defaulted, it cannot trigger against both the 'Principal Borrower' (as 'Corporate Debtor) and 'Corporate Guarantor' (as 'Corporate Debtor'). For same set of claim, two companies cannot go for liquidation which will be against the principles of 'I&B Code'. 6. Apart from the aforesaid fact, we find that the Respondent has ....