9911796707
TMI Blog2017 (10) TMI 855X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Bank of India. The Applicant (hereinafter called the Guarantor) is the Managing Director and Promoter of M/s. Veesons Energy Systems Private Limited who has given personal guarantee against the loan secured by M/s. Veesons Energy Systems Private Limited from State Bank of India. His contentions is that since is under the process of Corporate Insolvency Resolution Process as per the Order passed by this Bench on 04.08.2017 and the moratorium is declared, the first meeting of the Committee of Creditors (CoC) has also been held and Mr. Raghavendaran has been recommended for appointment of Resolution Professional (RP). After public announcement, the State Bank of India has also filed the claim before IRP/RP and involved itself in the Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... binding on the corporate debtor and its employees, members, creditors, guarantors and other stakeholders involved in the resolution plan.............." As can be seen from the provisions of Section 14(1)(b), the moratorium prohibits transferring, encumbering, alienating or disposing of by the corporate Debtor any of its assets or any legal right or beneficial interest therein and Section 31(1) provides that if the adjudicating authority is satisfied that the Resolution Plan as approved by CoC under sub-Section (4) of Section 30, meets requirements as referred to in sub-Section (2) of Section 30, it shall, by order approve the Resolution Plan which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0, in our opinion, leaves no room for doubt on the point, because it expressly says that the surety upon payment of all that he is liable for is invested-that is, immediately invested-with all the rights which the creditor had against the principal debtor. The condition laid down by the section for this right to arise, is the payment by the surety of all that he is liable for, and not the payment of all that may be due to the creditor who holds the securities. Where the guaranteed debt is a fraction only of the debt, the surety's right comes into existence immediately on payment of that fraction, for that fraction is, so far as he is concerned, the whole." In the light of the above, certainty in the event the guarantor fulfils his obligati ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
