# In the matter of Anirudha Balkrishna Joshi & Ors. Vs. The Bharat Co-operative Bank (Mumbai) Ltd. CA (AT) No.132-2018

> NCLAT judgment dated 2018-04-16. Citation: TCN-2018-NCLAT-00323. The case involves an appeal against an order by the Adjudicating Authority (NCLT, Mumbai…

- **Court:** NCLAT
- **Order date:** 16 Apr 2018
- **Citation:** TCN-2018-NCLAT-00323
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/anirudha-balkrishna-joshi-ors-vs-the-bharat-co-operative-bank-0409d297

## Summary

### Background

The case involves an appeal against an order by the Adjudicating Authority (NCLT, Mumbai Bench) that dismissed the Appellant's application for extending moratorium protection to him as a personal guarantor. The Appellant, who is also a Director of the Corporate Debtor, claimed the moratorium should apply to him. The initial order was based on the ground that the moratorium is not extendable against the assets of promoters/co-borrowers/guarantors.

## Facts

Mr. Anirudha Balkrishna Joshi, the Appellant, is a guarantor and Director of the 'Corporate Debtor'. He sought an extension of the moratorium to himself as a personal guarantor. The Adjudicating Authority (NCLT, Mumbai Bench) dismissed his application, stating that the moratorium does not extend to the assets of promoters/co-borrowers/guarantors. The Appellant argued that this finding was erroneous, citing a previous decision of the Appellate Tribunal. The Adjudicating Authority had passed an order on 21.02.2018 in MA No. 402/2017 in C.P. No. 1313/I&BP/2017. The Appellant's application was dismissed based on the premise that the moratorium's protection is limited and doesn't cover the assets of guarantors. The Appellate Tribunal considered a previous case, 'SBI Vs.

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## Issues and analysis

### Issue 1: Whether the moratorium under the Insolvency and Bankruptcy Code extends to the personal guarantor …

**Ratio:** The ratio is that the moratorium extends to the personal guarantor of a Corporate Debtor,

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**Reasoning:** The court reasoned that the Adjudicating Authority's finding was erroneous in view of the

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**Interpretation:** The interpretation of the law is that the moratorium's protection is broader

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**Application:** The ratio and reasoning are applied to the specific facts of the case by

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## Parties

- **Judges:** Bansi Lal…
- **Appellants:** Anirudha Balkrishn…
- **Respondents:** The Bharat…
- **Advocates:** U.K. Chou…; Rajesh…; +6 more

## Timeline

- **2018-04-16 — Caveat Disc…**: Caveat disc…
- **2018-02-21 — Impugned Ord…**: Date of the impugned order passed by the Adjudicating Authority, National Company Law…

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