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TMI Blog2019 (12) TMI 1596X X X X Extracts X X X X X X X X Extracts X X X X ..... means corporate person who owes a debt of any person. In this case, It is not in dispute that by virtue of deed of guarantee, the Corporate Debtor herein who is the corporate person owes debt to the Bank. Hence, the Corporate definition in Section 5A of IBC, 2016 of corporate guarantor cannot be considered for exclusion of this proceeding from consideration for a simple reason that the definition Is just explanatory definition as to who could be called as corporate guarantor. In this case, the Corporate Debtor is the guarantor of the individual. The definition of the corporate guarantor relied on by him in Section 5A cannot be used to show applicability or Inapplicability of provisions of IBC against him as it hi just explanatory definition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s. Mahaveer Construction the term loan of Rs. 9,60,00,000/- (Rupees Nine Crore Sixty Lakh Only). The Corporate Debtor herein executed deed of guarantee in favour of the Bank. The guarantee is continuing guarantee. The principal borrower M/s. Mahaveer Construction is a proprietary concern of which Mr. Laxml Pat Surana Is a sole proprietor. Mr. Laxmi Pat Surana is also the director of M/s, Surana Metals Limited. It shows that Mr. Laxmi Pat Surana took a loan from the Bank in his individual capacity and executed deed of guarantee for the same loan as the director of M/s. Surana Metals Ltd. (the Corporate Debtor) 2.2. Borrower Laxmi Pat Surana committed default in paying the loan. However, he acknowledged and admitted debt on 03.03.2012 27.05 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Pat Surana, proprietor of M/s Mahaveer Construction. He is also the director of M/s. Surana Metals Limited. It is not in dispute that the Corporate Debtor executed deed of guarantee in favour of the Bank and thereby undertook to repay the loan upon default by the original borrower to pay the same. It is also not in dispute that the guarantee is the continuing guarantee. 7. It is seen from the evidence on record that not only the original borrower but also the Corporate Debtor admitted and acknowledged the debt time and again on 27.05.2015 (exhibit J-1) and 08.12.2018 (exhibit K). The Corporate Debtor replied the notice Issued by the Bank clearly admitting the debt. We have gone through his reply to the notice. We hold that his reply is in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of limitation. 10. Ld. Counsel for the Corporate Debtor submitted that he cannot be the Corporate Debtor In view of the definition of corporate guarantor as stated in Section 5A of IBC,2016. According to him, since his client guarantor to the individual and not corporate person, no proceeding can lie again his client under IBC, 2016. We have considered about his above submission. Section 5A of IBC, 2016 states Corporate Guarantor means the corporate person who is surety in contract guarantee to a Corporate Debtor. Section 3(8) of IBC defines Corporate Debtor means corporate person who owes a debt of any person. In this case, It is not in dispute that by virtue of deed of guarantee, the Corporate Debtor herein who is the corporate person ow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncial Creditor under section 7 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/s Surana Metals Ltd. is hereby admitted. ii) We declare a moratorium and public announcement in accordance with Sections 13 and 15 of the IBC, 2016. iii) Moratorium is declared for the purposes referred to In Section 14 of the Insolvency & Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in clause (b) of sub-section (1) of Section 15 of Insolvency & Bankruptcy Code, 2016 shall be made immediately. iv) Moratorium un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. ix) Necessary public announcement as per Section 15 of the IBC, 2016 may be made. x) Mr. Sunil Mohan Acharya, 245/1, Bhattacharya Para, 6 No. Jheelpar Road, Ward No. 15, New Barrackpur, North 24 Pargana, Kolkata 700131, E-MalI:[email protected] having registration no. IBBI/IPA-N000 174/2018-19/12120 Is appointed as Interim Resolution Professional for ascertaining the particulars of creditors and convening Committee of Creditors for evolving a resolution plan. xi) The Financia ..... X X X X Extracts X X X X X X X X Extracts X X X X
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