STATE BANK OF INDIA V/s. Mr. V.Ramakrishnan & Veesons engineers Pvt Ltd.

NCLAT, in Company Appeal no. 213 / 2017 in the case of Sbi V/s. Mr. V.Ramakrishnan & Veesons engineers Pvt Ltd. ( arising out of order dt. 18.09.2017 passed by NCLT, Chennai in Company Petition No.510/IB/CB/2017) held inter-alia,  that Resolution Plan if approved by the ‘Committee of Creditors’ under sub-section (4) of Section 30 and if the same meets the requirements as referred to in sub-section (2) of Section 30 of IBC, 2016 and once approved by NCLT is not only binding on the ‘Corporate Debtor’, but also on its employees, members, creditors, guarantors and other stakeholders involved in the ‘Resolution Plan’, including the ‘Personal Guarantor’. In view of the aforesaid provisions, NCLAT held that the ‘Moratorium’ will not only be applicable to the property of the ‘Corporate Debtor’ but also on the ‘Personal Guarantor’. Hence, no court or tribunal including arbitral tribunal can proceed to attach immovable properties of personal guarantors, unless the said order of NCLAT is reversed by the apex court in an appeal. The appeal is not yet filed by an aggrieved party.

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