Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002–Sec. 13(4)–Insolvency & Bankruptcy Code, 2016–Sec. 7–Auction proceedings of the property of petitioner corporate guarantor–Plea of petitioner that the insolvency proceedings under the IB Code have already been initiated against the principal borrower, therefore, the proceedings under the SARFAESI Act cannot be initiated against him–Approval of resolution plan does not ipso facto discharge a personal guarantor of his liabilities under the contract of guarantee–Plea is meritless–Further, the proceedings against the principal borrower under the IB Code and initiation of recovery proceedings under the SARFAESI Act against the corporate guarantor are distinct and separate legal remedies are available–Petitioner did not approach with clean hands–Interference declined.
