TaxTMI 
TaxTMI 
2025 (12) TMI 38
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.... 2. We find that sufficient cause has been shown in the application for condonation of 27 days delay in refiling. Application is allowed. Comp. App. (AT) (Ins.) No. 1644/2025 1. Heard learned counsel for the appellant, learned counsel for the Bank as well as learned counsel appearing for the Auction Purchaser. 2. This appeal has been filed against an order passed by the adjudicating authority (National Company Law Tribunal, Mumbai Bench - I) dated 02.09.2025 in Intervention Petition 81/MB/2025 and Intervention Petition No. 82/MB/2025 in C.P. (IB) No. 391/MB/2025. An application under Section 94 was filed by the appellant on 24.12.2024 which application by the impugned order has now been admitted after receipt of the report unde....
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....right and the issuance of certificate is only ministerial act and that shall have no effect. 6. We have considered the submissions of the counsel for the parties and perused the records. 7. The challenge to the order which has been laid by the appellant in the present appeal is to paragraphs 15 to 20 which are as follows: "15. The primary issue before this Bench is whether the Petition filed under Section 94 of the Code by the Personal Guarantor seeking to initiate the insolvency resolution process against herself, can be admitted in light of the intervention petitions filed by the Auction Purchasers and the Creditor. It is noted that though these intervenors have sought dismissal of the Petition, however the prayer for dismi....
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....d, the Hon'ble Supreme Court has held that "in view of the aforesaid discussion, we hold that as per the amended section 13(8) of the Act, once the borrower fails to tender the entire amount of dues with all costs and charges to the secured creditor before the publication of auction notice, his right of redemption of mortgage shall stand extinguished / waived on the date of publication of the auction notice in the newspaper in accordance with Rule 8 of the 2002 Rules." 17. It is an admitted fact that the Personal Guarantor executed a personal guarantee dated 05.11.2013 in favour of the Union Bank of India for financial assistance extended to Principal Borrower. The Principal Borrower account was declared NPA on 28.02.2017, followin....
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....oratorium applies prospectively and does not have the effect of invalidating or reversing actions or transactions lawfully completed prior to its commencement. In the present case, the sale of the Secured Asset was concluded and the rights of the Auction Purchasers were crystallized on 24.12.2024, before the moratorium period came into effect. 20. Accordingly, the right of redemption of the Personal Guarantor in relation to Secured Asset stood extinguished on 28.11.2024 much prior to commencement of moratorium u/s 96 of the Code. In view of aforesaid decision, we are of considered view that the auction asset stands excluded from the property of Personal Guarantor prior to commencement of moratorium. Accordingly, the interveners i.e....