Filing of default information with Information Utility in compliance of Rule 20(1A) of IBBI (Information Utilities) Regulations 2017 is not mandatory compliance | Whether simultaneous CIRP can be initiated against Principal Borrower and its Corporate Guarantor – State Bank of India Vs. Anupriya Management Pvt. Ltd. – NCLT Kolkata Bench
January 17, 2024
Hon’ble NCLT Kolkata Bench hold that:
(i) Financial Creditor can also prove default with own records as provided in Sec 7(3) of the Code which says that the Financial Creditor shall, along with the application furnish the record of the default recorded with the information utility or such other record or evidence of default as may be specified.
(ii) The Financial Creditor can produce certified copies of the entries in the relevant account in the banker’s book as defined in clause (3) of Section 2 of the Bankers Book Evidence Act 1891, in this Financial Creditor has furnished the same and thus no fault can be attributed.
(iii) The Corporate Debtor has built a few apartments on the very same land as a Joint venture Partner and is in the process of seeking Liquidation. When the Corporate Debtor himself could not seek any resolution plan as a builder, the question of the Corporate Guarantor getting Resolution Plan does not arise.
