2018 (7) TMI 2341 - AT - Insolvency and Bankruptcy

Seeking direction to withdraw the notice issued by it under SARFAESI Act 2002 - HELD THAT - From the record, it is found that the personal and individual assets of a Director is not the subject matter of the 'corporate insolvency resolution process' and the moratorium only extends to the assets of the 'Corporate Debtor'. This has also been held by the Adjudicating Authority. For the reason aforesaid no interference is called for. The appeal is accordingly dismissed.

Summary

The Appellate Tribunal dismissed Mr. Suresh Chand Garg's appeal against the order of the Adjudicating Authority. The appeal was regarding the withdrawal of a notice issued under SARFAESI Act 2002 by M/s. Aditya Birla Finance Limited. The Tribunal held that personal assets of a Director are not part of the corporate insolvency resolution process. Therefore, no interference was required, and the appeal was dismissed.