Whether the second Application under Section 7 of Code is maintainable against the Corporate Debtor as for the same debt and default, CIRP has already been taken place against the Corporate Guarantor and the Financial Creditor has accepted the amount in full and final settlement of all its dues? – Kanwar Raj Bhagat Vs. Gujarat Hydrocarbons and Power SEZ Ltd. – NCLAT New Delhi

NCLAT held that application under Section 7 of the IBC against the Corporate Debtor for the same debt and default is maintainable in the light of judgment of Athena Energy Ventures Private Limited (2020) ibclaw.in 344 NCLAT. Whether the Financial Creditor had accepted the amount in the resolution plan as full and final settlement of all its dues. As per Resolution Plan, it cannot be said that the Financial Creditor accepted the amount in full and final settlement of all its dues. However, the right of recovery of debt of Financial Creditor available against the Corporate Guarantor has extinguished. It is useful to refer to the judgment passed by the Hon’ble High Court of Calcutta in the case of Gouri Shankar Jain Vs. Punjab National Bank & Anr. [2019] ibclaw.in 01 HC.

Related Posts:

If any Public depositor applies showing due of the debt claiming itself as operational creditor and the Resolution Professional or the Tribunal do not accept the claim on the ground that they are not financial creditor, we allow the appellant to raise the question before the Tribunal and if any adverse decision is given by the Tribunal, it will be open to the appellant to raise the issue before NCLAT- Hind Motors India Ltd. Vs. Adjudicating Authority NCLT, Chandigarh – NCLAT New Delhi

IBC-Case Laws-NCLAT
Scroll to Top