Resolution professional under ibc - his scope of resolution
Bharati Agarwal
(Querist) 02 September 2018
This query is : Resolved
I am a Third Party Guarantor & Mortgagor towards the NPA of A Pvt Ltd Company which is at the verge of having a RP appointed in the Application under IBC by the lending Bank.My guarantee/Liability Is Limited to My Property allowed as Third Party Mortgage.The IBC Application if filed by Bank against the borrowing Pvt Ltd Company in which the Bank has given description & Value of the Company"s Stock, Receivables etc and also description of My Property.I am not a party in the Application.The Bank"s application is also pending against the borrowing Company and myself at DRT level.I have question, which even the practicing RP is not able to answer in clear terms...
01) Whether the RP so appointed, shall deal with the Due Amount and Assets of the borrowing company only Or RP will also have power to deal with my Assets.
02) the statutory moratorium of initial 180 days shall apply to me at DRT level ?
The Advocate attending DRT says that as per latest position, the RP shall only deal with Corporate Debtor,i.e. the borrowing company and the moratorium shall apply to the corporate debtor only and DRT shall continue to deal with me as a TP Guarantor., whereas the practicing RP opines that since they have to deal with the corporate borrower, and the guarantor also fall under defination of borrower, they shall deal with the Amount Due, Assets of the Corporate Debtors and of the Third Party Guarantor, both.
See DRT level is dealt in by Legal Professionals and NCLT proceeding under IBC is practically being dealt in by CAs and CS, and both have different opinions....
Opinion & Clarification is requested .
Thanks & Regards
Dr J C Vashista
(Expert) 03 September 2018
Repeated query.
If you are not satisfied with obligation of experts FREE OF COST consult a local prudent lawyer, if there is some truth in the story, which is prima facie an academic question.
