2019 (6) TMI 1646

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....fect from 04.06.2019 as per the provisions of Section 12(2) of the Insolvency & Bankruptcy Code, 2016. It is appropriate to mention that the Corporate Insolvency Resolution Process was initiated in this case on 05.12.2018 by admitting CP. No. (IB)-1083(PB)/2018. The application is supported by the resolution of the CoC passed in its 3rd meeting on 03.04.2019 under agenda Item No. 1 whereby the Resolution Professional has been authorised to file the instant application. The resolution has been passed by voting share of 74.580%. The reasons given for seeking extension beyond 180 days as is evident from the minutes of the meeting which reads thus:-  "The Chairman further informed the members of the Committee of Creditors that the....

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.... of the CIRP Regulations.  He further informed that it is to be noted that the Corporate Insolvency Resolution Process period of one hundred and eighty days is ending on June 03, 2019. In line with the same approx. 119 days out of 180 days from date of admission of application have elapsed and there is limited time for completing the Corporate Insolvency Resolution Process of the Corporate Debtor." 2. Having heard the Ld. Counsel for the Resolution Professional we are convinced that case for extension is made out as Resolution might be possible. The aforesaid conclusion can be inferred from the reading the minutes as mentioned above. 3. As a sequel to the above discussion application succeeds and the extension is granted....

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....nd default. In para 32, the following pertinent observations have been made which read thus:-  "32. There is no bar in the T&B Code' for filing simultaneously two applications under Section 7 against the 'Principal Borrower' as well as the 'Corporate Guarantor(s)' or against both the 'Guarantors'. However, once for same set of claim application under Section 7 filed by the 'Financial Creditor' is admitted against one of the 'Corporate Debtor' ('Principal Borrower' or 'Corporate Guarantor(s)'), second application by the same 'Financial Creditor' for same set of claim and default cannot be admitted against the other 'Corporate Debtor' (the 'Corporate....