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TMI Blog2017 (6) TMI 1169X X X X Extracts X X X X X X X X Extracts X X X X ..... y resorting to the provision of section 10 of the Code, and the consequential effect of the moratorium which has to follow, would clearly be an abuse of the process of law to which this Bench certainly cannot be a party to. It is not sufficient just to meet the requirements under section 10 of the Code which would automatically entitle the corporate debtor to initiate such proceedings. Surely it could never have been the intention of the Legislature to provide relief to defaulters of the Banks by taking refuge under this Code. The Adjudicating Authority has to consider the merits of each case and see beyond what meets the eye, and only after due application of mind, consider the case on its merits. In the facts of the case, this Bench do ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t would be in the fitness of things to initiate resolution process to pay off its debtors and salvage and liquidate the assets of the corporate debtor before they fall dissipate. 2. Learned counsel for the petitioner has pointed out that the corporate debtor does not suffer from any disability under section 11 of the Code for invoking the resolution process and has proposed the name of Mr. Martin Sunder Kumar Golla, Regn. No. IBBI/IPA-002/IP-N00095/2017-18/10238, as the interim resolution professional. His consent and certificate of eligibility is on record. 3. Though the facts of the case fulfill the requirement for initiating a resolution process by a corporate debtor to salvage whatever can be secured and the liability of the credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eir personal guarantees/collateral securities are: Mr. Noaman Mohammad Shaikh (Director Guarantor). Mr. Daiyan Ahmed Azmi (Director Guarantor). Mrs. Safai S.M. Noaman (Guarantor). Mrs. Shabana D. Azmi (Guarantor). Mr. Eshan Mohammad Shaikh (Guarantor). Mr. Suleman Ahmed Azmi (Guarantor). Mrs. Naseen Suleman Azmi (Guarantor). Mr. Waseem A. Azmi (Guarantor). Mr. Saiful Azmi (Guarantor). Mr. Waqar D. Azmi (Guarantor). 9. Given the aforesaid facts, it appears that the corporate debtor is eager to sound its own death knell, presumably to scuttle the proceedings before SARFAESI Act as the consequential moratorium imposed under section 14 of the Code on admission of this petition would automatically stay/stall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 10 of the Code which would automatically entitle the corporate debtor to initiate such proceedings. Surely it could never have been the intention of the Legislature to provide relief to defaulters of the Banks by taking refuge under this Code. The Adjudicating Authority has to consider the merits of each case and see beyond what meets the eye, and only after due application of mind, consider the case on its merits. 11. In the facts of the case, this Bench does not deem it just, fit and proper to admit the petition as initiation of the proceedings by the corporate debtor shall cause irreparable loss and injury to the Banks, and an uncalled for protection to the borrowers and various guarantors. Resultantly, the prayer for triggering th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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