2024 (8) TMI 1744

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....NARASINGH For the Petitioners : Mr. G.M. Rath, Advocate For the Opposite Parties : Mr. S.R. Mahapatra, Advocate ORDER 1. This matter is taken up through hybrid arrangement (virtual/physical) mode. 2. The Petitioners by filing this writ petition have invoked the jurisdiction of this Court under Article 226 and 227 of the Constitution of India with the prayer to quash the demand notic....

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....Corporate Debtor in view of its default in payment, have filed the present writ petition to quash the same. 5. The main ground of challenge is that since the Opposite Party No.1 (Canara Bank) has released the Personal Guarantee of these Petitioners, they no more carry the legal obligations as the Guarantors in respect of the loan taken by the Corporate Debtor on their shoulder; the demand notic....

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.... Petitioners. 7. The impugned notice at Annexure-1 series which is the subject matter of the present writ petition before us has been issued by the Canara Bank (Opposite Party No.1) in contemplation of initiation of the proceeding under Insolvency and Bankruptcy (for short, "I & B") Code, 2016. It is submitted at the Bar that necessary application filed under Section 7 of the I & B Code is n....

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.... to agitate before the NCLT what they contend here that they should no more be within the net of the CIRP on account of the release of their Personal Guarantees by the Opposite Party No.1. It bears no repetition that the I & B Code is a self-contained Code and the reliefs sought in the present writ petition in essence can be granted by the concerned NCLT. 11. The factual matrix as above being t....