Outcome of insurance will not impact IBC Proceedings – Sushil Kanugolu Vs. Samunnati Agro Solutions Pvt. Ltd. – NCLAT Chennai
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NCLAT held that on the basic principle of statutory interpretation, the provision of Section 10A is capable of only one meaning that is suspension of initiation of CIRP was only for a Corporate Debtor. Had the legislature intended suspension of initiation of CIRP against the Personal Guarantor also, similar amendment was also required to be made in Chapter III of Part III of the Code. The legislature is presumed to be aware of consequences of statutory provision especially consequences of amendment made in the statute. Whether the suspension of insolvency resolution process has to be for Corporate Debtor and also for individuals including Personal Guarantor is the legislative policy which policy has to be looked into from the amendment brought in the Code by insertion of Section 10A.
In the present case, the Appellant has filed an I.A. seeking directions to the Corporate Debtor to disclose certain documents as has been noticed above. The Adjudicating Authority after considering the application has given reasons especially that there is no privity of contract between the Appellant and the Corporate Debtor, hence, he is not entitled to call for documents. NCLAT held that we do not find any error in the order of the Adjudicating Authority rejecting the I.A. filed by the Appellant.
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