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TMI Blog2017 (7) TMI 1060X X X X Extracts X X X X X X X X Extracts X X X X ..... ld that:- We are not inclined to accept such submissions as Appellant-Corporate Applicant has sought for "its" own insolvency resolution process that will include only the assets of the Corporate Debtor and not any assets, movable or immovable of a third party, like any director or other. In so far as 'guarantor' is concerned, we are not expressing any opinion, as they come within the meaning of 'Corporate Debtor individually', as distinct from principal debtor who has taken a loan. In the aforesaid background, if Ld. Adjudicating Authority, on careful reading of the provisions has come to the definite conclusion that on commencement of the insolvency process the "Moratorium" shall be declared for prohibiting any action to recover or enforc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... missioner to takeover the possession of the flats. The admitted position is that the Flats in question are not under the Ownership of the corporate Debtor. A question in this regard was raised during the hearing however not disputed by the either side. Even in the balance sheet of the Corporate Debtor these flats are not reflected. It is further evidenced that the documents annexed have clearly demonstrated that the personal properties of the Promoters have been given as a "Security" to the banks. Now the question is that whether a property(ies) which is/are not 'owned' by a Corporate Debtor shall come within the ambits of the Moratorium? To examine this aspect, it is useful to reproduce verbatim the provisions of Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ode. 7. There are recognised canons of interpretation. Language of the Statute should be read as it existed. This is a trite law that no word can be added or substituted or deleted from the enacted Code duly legislated. Every word is to be read and interpreted as it exists in the statute with the natural meaning attached to the word. Rather in this Section the language is so simple that there is no scope even to supply 'casus omissus'. I hasten to add that the doctrine of 'Noscitur a Sociis' is somewhat applicable that the associated words take their meaning from one another so that common sense meaning coupled together in their cognate sense be interpreted. As a result, "its" denotes the property owned by the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntial directions shall be that the provisions of Section 14 of The Code i.e. "Moratorium" shall come into operation: Next, the proposed name of Interim Resolution professional i.e. Mr. Rajendra Karanmal Bhuta, C/o RK Bhutta & Co. Chartered Accountants, Insolvency Professionals, 1207, Yogi paradise, Yodi Nagar, Borivali (West), Mumbai-400 092, email - rkbhuta, co. gmail. corn, IP Registration No. INNI/IBA-IP/00078/201 6-2017/1074 is hereby approved. The IRP shall take appropriate action such as Public Announcement etc. so that the Insolvency Resolution Process shall be initiated expeditiously. He is directed to submit a Progress Report within one month's time from the commencement of Insolvency Resolution Process." 3. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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