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TMI Blog2024 (4) TMI 563X X X X Extracts X X X X X X X X Extracts X X X X ..... on which has been pressed by the Appellant is that since Corporate Guarantee has not been invoked and no claim has been filed that cannot be relied for rejecting the liquidation application. The fact that guarantee has not been invoked, does not absolve the Corporate Guarantor from debt. The debt which is Corporate Guarantor, the Company has been given corporate guarantee and undertaken to pay the debt. The judgment of MUDHIT MADANLAL GUPTA VERSUS SUPREME CONSTRUCTIONS AND DEVELOPERS PVT. LTD. [ 2023 (7) TMI 1397 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] was a case where this court took a view that default occurred between 10A period and it was held that default on the Guarantor shall be on the date when the Corporate Guarantee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor under Section 59 of the Insolvency and Bankruptcy Code, 2016 read with Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 has been dismissed. 2. The Appellant before us has commenced the voluntary liquidation proceedings and has reached the stage of Section 59(7) of the IBC and thereafter when the Company Petition was filed and the matter came before the Tribunal, it directed the issuance of notice to the RoC and also to Punjab National Bank and Oriental Bank of Commerce since the Corporate Person has given Corporate Guarantee to them. Pursuant to the notice issued by the Tribunal, the RoC, Punjab National Bank and Central Bank of India participated in the proceedings and filed its report. The RoC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tee is invoked. 5. We have considered the submissions of Learned Counsel for the Appellant and perused the record. 6. In the present case, where on the directions of the Adjudicating Authority, notices were issued to the RoC, Punjab National Bank and Oriental Bank of Commerce, in paragraphs 5, 6 and 7 of the impugned order, following has been noticed: 5. This Tribunal directed the Petitioner to issue a notice to the RoC and also to Punjab National Bank and Oriental Bank of Commerce (now merged with PNB) since the Corporate Person has given Corporate Guarantee to them. Pursuant to the notice issued by this Tribunal, the RoC, PNB and Central Bank of India participated in the proceedings. The RoC has filed its report dated 02.03.2022 and made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has referred to paragraphs 14 and 23 of the Guarantee Deed which are as follows:- 14. A letter or notice or certificate in writing signed by a duly authorised official of Lenders shall be conclusive evidence against the Guarantor of the amount for the time being due to Lenders from the Borrower in any action or proceeding brought on this Guarantee against the Guarantor. 23. Any demand for payment or notice under this Guarantee shall be sufficiently given if sent by post to or left at the last known address of the Guarantor or its successors or assigns as the case may be, such demand or notice is to be made or given and shall be assumed to have reached the address in the course of post, if sent by post, and no period of limitation shall com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt passed by this Tribunal in the case of Mudhit Madanlal Gupta Vs. Supreme Constructions and Developers Pvt. Ltd., 2023 SCC OnLine NCLAT 378, para 7 which is as follows: 7. When the Financial Creditor has invoked the corporate guarantee of the corporate guarantor by the notice dated 16.10.2020 and asked the corporate guarantor to make the payment within seven days from the receipt of the notice, the default has occurred during the 10A period and the default dated 02.07.2019 which is default alleged against the Principal Borrower can not be put to a default for corporate guarantor. Liability of corporate guarantor although is coextensive of the Principal Borrower but when the Guarantee requires invocation of the guarantee deed, default on t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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