9911796707
TMI Blog2024 (11) TMI 483X X X X Extracts X X X X X X X X Extracts X X X X ..... ma, Mr. Tushar Gadia and Mr. Kamakshraj Singh, Advs. For the Respondents Through: Mr. Pramod Kumar, Adv. for R-1/Indian Overseas Bank. DHARMESH SHARMA, J. (ORAL) CM APPL. 64185/2024 in W.P.(C) 15264/2024 CM APPL. 64189/2024 in W.P.(C) 15265/2024 CM APPL. 64174/2024 in W.P.(C) 15266/2024 CM APPL. 64178/2024 in W.P.(C) 15267/2024 1. Allowed, subject to all just exceptions. 2. These applications are disposed of. W.P.(C) 15264/2024, CM APPL. 64183/2024 & CM APPL. 64184/2024 W.P.(C) 15265/2024, CM APPL. 64170/2024 & CM APPL. 64190/2024 W.P.(C) 15266/2024, CM APPL. 64172/2024 & CM APPL. 64173/2024 W.P.(C) 15267/2024, CM APPL. 64176/2024 & CM APPL. 64177/2024 3. The aforesaid four writ petitions, although filed by different petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .A/5241/ND/2023 in CP IB-190/PB/20107] vide judgment dated 11.06.2024 accepted a resolution plan by the Resolution Applicant after due approval of the CoC [Committee of Creditors], of which the respondent no. 1/IOB was also a signatory. As per the resolution plan approved by the learned NCLT, Delhi, the following dispositions have been provided for:- The Admitted Financial Debt (reduced by the share of the Upfront Payment to the financial Creditors received by the Financial Creditors) shall be restructured in the following manner: "a. A sum of INR 378 Crores shall be converted into NCDs and issued to the Assenting Secured Financial Creditors as detailed in Part B of this Plan). b. The balance Admitted Secured Debt will be converted int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Company. 13.2.4 As on the Closing Date, the Assenting Financial Creditors shall release any Encumbrance, or any other form of security interest (whether over immovable, movable assets, fixed deposits) cash, rights, privileges or property) that was created/granted/arranged in connection with any debt or obligation of the Corporate Debtor and its joint ventures, at any time prior to the Effective Date, shall automatically stand released and all liabilities and obligations of the Corporate Debtor and its joint ventures in relation to such Encumbrance or other form of security interest shall stand extinguished (including those created / arranged by the Corporate Debtor as a guarantor or a third party security provider) in relation to its s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall have no other rights or claims against the Corporate Debtor and its property/ properties (including but not limited to, in relation to any past breaches by the Corporate Debtor or joint ventures or any right of recompense that the assenting Financial Creditors may have) other than as agreed in the terms of the NCDs and all prior claims shall immediately, irrevocably and unconditionally stand extinguished. 13.2.8 It is clarified that any agreements/arrangements between the Corporate Debtor, its property/ properties, its joint ventures and any Assenting Financial Creditors relating to margin requirements shall stand extinguished and the benefit of any deposit amounts, fixed deposits, margin payments or any other payments made by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I Act. 11. Learned senior counsel for the petitioner has alluded to the decision by the Gujarat High Court in the case of Prashant Shashi Ruia v. State Bank of India MANU/GJ/2177/2021 dated 16.12.2021, whereby it has been held that once the claim gets settled by the corporate debtor, there is no independent right of action available to the secured creditor to proceed independently against the guarantor. 12. However, learned counsel for the respondent no. 1/IOB vehemently urged that the present writ petitions are not maintainable and the appropriate remedy for the petitioner is to approach the learned DRT, Delhi and raise appropriate objections and he has alluded to orders dated 20.10.2023, 13.09.2024 and lastly 27.09.2024 passed by the le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and yet at the same time, in view of the fact that the resolution plan has been accepted by the NCLT vide vide judgment dated 11.06.2024, the issue that arises for consideration is since the entire debt of the borrower has been restructured in the resolution plan, and certain conditions are attached to the assenting and dissenting secured creditors, whether the respondent no. 1 bank can proceed under the SARFAESI Act considering the overriding effect of the proceedings under the IBC in terms of section 238 of the IBC. The bottom line is all the aforesaid issues should be addressed before the learned DRT, which is the competent forum for now. 16. Accordingly, the present writ petitions are disposed of with a direction that the learned DRT, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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