Ramesh Kumar Chugh Vs Assets Care & Construction Enterprises Limited (NCLAT Delhi)
NCLAT Delhi held that assets held in the name of the partnership firm is not the personal property of the personal guarantor and cannot be subjected to the provisions of interim moratorium merely because a Section 95 application has been filed against a partner of the firm in respect of a personal guarantee given for a party other than the partnership firm.
Facts- A Company Petition u/s. 95 of the IBC was filed by Operational Creditor-White Line Enterprises against Mr. Ramesh Kumar Chugh-Appellant who stood as a Personal Guarantor for repayment of the operational debt owed by M/s Sahil Home Loomtex Pvt. Ltd.
It is contended that Section 95 petition was filed by White Line Enterprises stating that it had supplied goods to one M/s Sahil Home Loomtex Pvt. Ltd. wherein the Appellant stood as a personal guarantor for repayment of debt owed by Sahil Home Loomtex. Therefore, when the Section 95 application was not filed against the partnership firm, consequently, the property and assets of partnership firm, M/s Sheena Exports did not constitute the subject matter of Section 95 application. Since M/s Sheena Exports and its properties is unrelated and unconnected with Section 95 application hence the question of applicability of interim moratorium does not arise.
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