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TMI Blog2024 (9) TMI 686X X X X Extracts X X X X X X X X Extracts X X X X ..... de upon the quantum of the claims that would impact the entire CIRP proceedings, including but not limited to the valuation of the Resolution Plans and the ability of the petitioner to settle the proceedings under Section 12-A of the IBC. The present writ petition is disposed of with direction to the NCLT to decide the preliminary issue as regards applicability of Clause (33) of the Corporate Guarantee dated 10.08.2016 within four weeks of hearing fixed on 22.08.2024 for an effective CIRP proceedings at its end. The petition is disposed off. - HON'BLE MR. JUSTICE DHARMESH SHARMA For the Petitioner : Mr. Arjun Kaushal, Advocate For the Respondents : Mr. Rachit Bigghe, Advocate for R-2/ICICI Bank ORDER DHARMESH SHARMA, J. (ORAL) CM APPL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may deem fit and proper in the interest of justice. 4. Learned counsel for respondent No. 2 is present in the Court on serving of the advance notice. 5. Having heard the learned counsels for the parties and on perusal of the record, it appears that the petitioner stood as a guarantor, being the Director of Ushdev Engitech Ltd. (CD) Corporate Debtor , in respect of the loan taken by the CD from respondent No.2/ICICI Bank and executed a Corporate Guarantee deed dated 10.08.2016. It appears that the account of the borrower was declared as NPA Non Performing Asset by the respondent No. 2/ICICI Bank sometime in December 2016 and thus respondent No. 2/ICIC Bank invoked the Corporate Guarantee vide letter dated 16.10.2017. 6. Shorn of unnecessary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds as under:- 33. Notwithstanding anything herein above stated our liability under this guarantee shall not exceed Rs.250 Million. This Guarantee will fall off in the event the outstanding of Borrower is less than or aggregate of Rs.2,180 Million out of Rs.2,500 Million ( due as on date with ICICI Bank Limited under various facilities provided to the Borrower.) 10. Learned counsel for the petitioner has urged that in the absence of any guidelines framed by respondent No.1/RBI, the petitioner is handicapped in making any proposal for the settlement of the Corporate Guarantee in term of Section 12-A [12A. Withdrawal of application admitted under section 7, 9 or 10. The Adjudicating Authority may allow the withdrawal of application admitted un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perusal of the aforesaid clause would show that it applies to borrowers, who are already stressed. In such a scenario, the guidelines very righty advise the Banks to be more vigilant and ensure that whenever there emerges signs of financial stress, they may resort to seeking personal guarantees from the managements, directors and other managerial personnel, not only to secure their assets but also instil financial discipline. It may be stated that the banks are at liberty to seek guarantees at their discretion from parent companies and its directors, who are In-charge of its affairs and there is no question of untrammelled powers having been vested with the Banks. 14. The only plausible argument, which is advanced, is with regard to the leg ..... X X X X Extracts X X X X X X X X Extracts X X X X
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