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TMI Blog2020 (1) TMI 1251X X X X Extracts X X X X X X X X Extracts X X X X ..... his matter a certified copy of resolution plan as available on record of this Court in sealed cover for perusal and to examine the relevancy of non-disclosure clause - List the matter on 17.02.2020. - C.P. (I.B) No. 141/7/NCLT/AHM/2019 - - - Dated:- 20-1-2020 - Harihar Prakash Chaturvedi, Member (J) And Prasanta Kumar Mohanty, Member (T) ORDER The Parties are represented through their respective Learned Counsel. 1. In respect of main IB Petition, the Petitioner began his arguments, which are continued. During the course of argument Adv. Mr. Vikram Trivedi, Petitioner Counsel has contended that the Petitioner/Financial Creditor has moved this I.B Petition against the Corporate Debtor who happened to be a Corporate Guarantor o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt I.B Petition against is the Respondent M/s. Avantha Power Infrastructure Ltd., seeking initiation of CIRP against it. 3. While contrary to this, Advocate Mr. Apurva Vakil, the Learned Counsel appearing for the Corporate Debtor has contended that CIRP is not permissible under the I.B Code against a Corporate Guarantor when the principal borrower has already gone into C.I.R.P and a resolution plan in respect of which has already been approved by this Adjudicating Authority. As the Principal borrower stands discharged and no debts can lie against it after approval of resolution plan, the guarantee furnished to (sic) such debts also stands extinguished and cannot be legally enforced against the present Respondent. He also drew our atten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntion that the initiation of C.I.R.P is a civil consequence and the Court cannot proceed without affording him reasonable opportunity to make out its defence. Hence, a copy of resolution plan is necessary to deal with the present I.B petition and to submit a proper reply/objection thereto, otherwise it will be contrary to law and the principles of natural justice. 6. Having heard the learned counsel for both the Parties, we feel that this being a debatable issue, an appropriate decision on the point whether it is permissible under the I B Code to provide a copy of resolution plan or its authorized text/relevant extract to a third Party (being guarantor) needs to be taken in accordance with law and in the light of judicial precedents. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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