2023 (11) TMI 51

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....al, Advocates for Respondent - Arcana (Mumbai) Pvt. Ltd. For Intervenors: Mr. Anuj Tiwari & Mr. Swankit Nanda, Advocates. JUDGEMENT [PER; AJAI DAS MEHROTRA, MEMBER (T)] 1. The present Appeal has been filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as `IBC, 2016') against the Order dated 09.03.2023, passed by the Learned Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court - IV), in C.P.(IB)/143(MB)/2021, by Mr. Vikram Kumar, who is the proprietor of M/s. Sourya Containers Leasing Company (hereinafter referred to as the `Financial Creditor'). The Respondent is `M/s. Aranca (Mumbai) Private Limited' (hereinafter referred to as the `Corporate Guarantor'), who had iss....

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....y pointed to Point No. (ix) wherein the Appellant had submitted before the AA as under: "(ix) On 25.08.2020, the Applicant issued Notice for invocation of the Deed of Guarantee dated 09.01.2017 and demanded of re-payment of the loan amount along with commitment charges, interest charges and taxes being Rs.3,94,99,355.00 (Rupees three crore ninety four lakhs ninety nine thousand three hundred and fifty five only) computed as on 24.08.2020 against the default in repayment of loan by the Borrower, Mehar Miracles Private Limited." 5. He also drew our attention to Page 254, Vol II of the Appeal Paper Book giving calculation of Claim wherein the interest due has been calculated till 24.08.2020. Learned Sr. Counsel stated that the lett....

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....rther, in the formal Notice for invocation of Deed of Guarantee dated 25.08.2020, the Appellant has not even referred to this letter dated 11.06.2019. 8. Before the AA, in Form - I, Part IV, the Appellant had clearly stated that the Bank Guarantee was invoked on 25.08.2020. Since the Corporate Guarantee was invoked on 25.08.2020, the debt became due for payment thereafter. As per the provisions of Section 10-A of IBC, 2016, which are reproduced below for ready reference, CIRP cannot be initiated for defaults arising in 12 months period beginning 25.03.2020: "Section 10A: Suspension of initiation of corporate insolvency resolution process. [10A. Notwithstanding anything contained in sections 2 9 and 10 no application for....