down vote for wrong answer

Mr. Pradeep Suri and Mr. Jitendra Josh are friends since their school days. They are seasoned professionals and masters of their respective domains. M. Stri is a civi engineer having experfise in the business of construction and development of the real estare. Alongwith the degree in the civil engineering, Suri aiso did Post Graduation in Finance, which gave him a reasonable understanding of financial matiors. Mr. Joshi is a phamacy expert and a promoter of iwo pharmaceutical companies. Apart from this, he also holds the post of Chancellor in a private Universily, based in North india. Mr. Suri is a popular name in the real estate industry. He is a promoler and direclor of Dreams Developers and Realtor Limited (DDRL). DDRL. is wall-known for making residential buildings, corporate offices, and corporate plazas with ultra-modern state of the art. Affordable housing is the need of hour, on account of rapid growth of urbanisation in the region. Mr. Surl recognised this need and carne up with an aspirational project, UGHT (Low income Group Housing Township); an affordable housing scheme. Project L.IGHT will comprise of 8 wings of 6 floors each, including the ground floor. Each floor wil have an Independent apartment with a carpet area equivalent to 80 square meters. The base area to be developed is 125% of the carpet area, which includes a parking area and a garden. After considering the market and oconomic conlfions that omerged tue io the Widespread threat of COVL-19, the Board of DDRL collectively decided that rather slarting the entire profect at one go; the project should be broken down into phases feach wing represent a phase) and shal Implement the project ulGHT in a phased manner. Prolad LKayT will aanprse of 8 wings of 6 foors each, including the ground floor. Each flocr will have an independent apatment with a capet area equivalent to 60 square meters. The haxe area to be developed is 125\% of the carpet ares, which includes a parking area and a garten. Afer considering the markel and economic conditions that emerged due to the =isspead hreai of COVID-19, he Board of DORL cdlectively decided that rather starting the entire project at one go; the project should be broken domn inio phases (each wing regresent a thase) and shal inplement the project LlGHT in a phased manner. At the board meeting, it is ako decided to perform some major renovafions and redevelopment mork ail one of the projects named, "AWAS" which was completed by DDRL in the year 2015 , complefon certicate regarding which was obtained before the enforcemert of RERA. Due to under ground wing of flbre-optical wires on the side of roads, the roads and drainage system got damaged bady and DoRt became Iable io fix it as part of the sale agreement. Hence, at the request of residen's (buyers) ai A HiAS, DDR. decided io do the necessary renovations on the roads and drainage systen and abo certain amount of re-development works in the area of community hal, for the purpose of operationalise , which wes lent half-consinucted; due to some legal aspects ail that ilime. Some of the flas shat remained unsold at Avaf whil be abvertised fr saie aler re-develogment. immedately made necessary arrangements to send his father for treatment to the world's bestinown hospilal for curing cancer in Houston, Texas (US). One of the old friends of kir. Sur's wife is wotking there as a rurse. k. Kunal, an indian resident, and nephew of st. Suri, acoompanied with his fother as an attendant to Houston. A sum of USD 400,000 was credited to the hospital in Housfon, against the gstimation gliman by doctors under the seal of the hoepital. USD 200,000 is also remitled to Mr, Kunal for meeting his expenses as an allendant for laking care of his father. One of the properties owned by DDRL. was suspected to be 'Benami' under the Pronibition of Benami Property Transacions Act, 1988, regarding which Mr. Suri got the notice to furnish the informafion within 10 days from the date of receipt of the notice. In order to make iraveling and other necessary arrangements for sending his father to Houston, Mr. Suri failed to respond the notice to the Authority. Amongst the two phamacy companies of which Mr. Joshi is a pronoter, one is Prism Pharma Limited (PPL). PPL is supplying API (Active Pharmaceutical Ingredients) to other pharmaceutical companies. One amongst such buyer8 was Gelix Pharma Limited. Gefix Phama Limited didn't make payment to PPL, despite giving multipie reminders. Finally, PPL issued a demand notice under section 8 of IBC, 2016 , demanding payment of the operational debt in respect of which default had curred. No response to such demand notice was given due to which PPL made an application under section 9 of 18C,2016 which got admitted by the adjudicating authority initiating the corporate insolvency resolution process (CiRP). Adjudicating authority made an order appointing the interin resolution professional and declaring a moratorium. In the first meeting of the committee of creditors, the interim resolution professional is resolved to be appointed as the fesdution proiessional by a wote of 70% of the yoting share of the financial creditors. One of the diecibis of Gela Phama Limited, wo has given a personal guarantee against one of the bor fowitgs of he company is hery happy after the dectaration of moratorlum linder section 14 of 18C.2016 because he ceeme cear to ppl that their dues will hardly be satisfed and hence they apply to kict tor seens clear to Ppi, that their dues wil haraly be satsied and hence they apply to thCt for withdrawal of their application flled earlier. Ms Arkits Joshi, dewhher of Mr. Joshi is studying international business at the University of Sheffeld, London (UK), and Mr. Joshi remitted an amount equivalent to USD 275,000 in foreion currency through an authorised dealer (without any permision from RBI) to her daughter for her universily fees and personal expenses during the financial year. Univarsity fees were approximalely USD 100,000 durng the year. This spring semesier' she completed her master program and retumed back to india under the 'Vande Bharat mission'. She joined the same urversily as a director in which her father is a chancelior. Ms. Ankha bought a luxurious apartnent for herself at a cost of 1.15 crores out of the funds sponsored for the trust of the university. On the same day, the property was shown ib be purchased at a price of 35 lakhs to the sub-registrar of properties in order to save stamp duty on it and the property was duly registered in the name of MS. Ankita; the fair value on the date of registration date was 1.20 crores. The fransaction came in the scanner of authorities and the said transaction was declared as 'Benami Transaction' and Ms. Ankita was accused as a Benamidar in the final order passed under the relevant provisions of the Prohibition of Benami Property Transactions Act, 1988. The fair market value of the property on the date of the order was 1.40 crores. Whether the credence of the director of Gelix Pharma Limited that 'section 14 of the Insovency and Bankruptcy Code, 2016(1BC) would apply to the personal guarantor as well' is valid? Support your answer with the relevant case law as applicable. Mr. Pradeep Suri and Mr. Jitendra Josh are friends since their school days. They are seasoned professionals and masters of their respective domains. M. Stri is a civi engineer having experfise in the business of construction and development of the real estare. Alongwith the degree in the civil engineering, Suri aiso did Post Graduation in Finance, which gave him a reasonable understanding of financial matiors. Mr. Joshi is a phamacy expert and a promoter of iwo pharmaceutical companies. Apart from this, he also holds the post of Chancellor in a private Universily, based in North india. Mr. Suri is a popular name in the real estate industry. He is a promoler and direclor of Dreams Developers and Realtor Limited (DDRL). DDRL. is wall-known for making residential buildings, corporate offices, and corporate plazas with ultra-modern state of the art. Affordable housing is the need of hour, on account of rapid growth of urbanisation in the region. Mr. Surl recognised this need and carne up with an aspirational project, UGHT (Low income Group Housing Township); an affordable housing scheme. Project L.IGHT will comprise of 8 wings of 6 floors each, including the ground floor. Each floor wil have an Independent apartment with a carpet area equivalent to 80 square meters. The base area to be developed is 125% of the carpet area, which includes a parking area and a garden. After considering the market and oconomic conlfions that omerged tue io the Widespread threat of COVL-19, the Board of DDRL collectively decided that rather slarting the entire profect at one go; the project should be broken down into phases feach wing represent a phase) and shal Implement the project ulGHT in a phased manner. Prolad LKayT will aanprse of 8 wings of 6 foors each, including the ground floor. Each flocr will have an independent apatment with a capet area equivalent to 60 square meters. The haxe area to be developed is 125\% of the carpet ares, which includes a parking area and a garten. Afer considering the markel and economic conditions that emerged due to the =isspead hreai of COVID-19, he Board of DORL cdlectively decided that rather starting the entire project at one go; the project should be broken domn inio phases (each wing regresent a thase) and shal inplement the project LlGHT in a phased manner. At the board meeting, it is ako decided to perform some major renovafions and redevelopment mork ail one of the projects named, "AWAS" which was completed by DDRL in the year 2015 , complefon certicate regarding which was obtained before the enforcemert of RERA. Due to under ground wing of flbre-optical wires on the side of roads, the roads and drainage system got damaged bady and DoRt became Iable io fix it as part of the sale agreement. Hence, at the request of residen's (buyers) ai A HiAS, DDR. decided io do the necessary renovations on the roads and drainage systen and abo certain amount of re-development works in the area of community hal, for the purpose of operationalise , which wes lent half-consinucted; due to some legal aspects ail that ilime. Some of the flas shat remained unsold at Avaf whil be abvertised fr saie aler re-develogment. immedately made necessary arrangements to send his father for treatment to the world's bestinown hospilal for curing cancer in Houston, Texas (US). One of the old friends of kir. Sur's wife is wotking there as a rurse. k. Kunal, an indian resident, and nephew of st. Suri, acoompanied with his fother as an attendant to Houston. A sum of USD 400,000 was credited to the hospital in Housfon, against the gstimation gliman by doctors under the seal of the hoepital. USD 200,000 is also remitled to Mr, Kunal for meeting his expenses as an allendant for laking care of his father. One of the properties owned by DDRL. was suspected to be 'Benami' under the Pronibition of Benami Property Transacions Act, 1988, regarding which Mr. Suri got the notice to furnish the informafion within 10 days from the date of receipt of the notice. In order to make iraveling and other necessary arrangements for sending his father to Houston, Mr. Suri failed to respond the notice to the Authority. Amongst the two phamacy companies of which Mr. Joshi is a pronoter, one is Prism Pharma Limited (PPL). PPL is supplying API (Active Pharmaceutical Ingredients) to other pharmaceutical companies. One amongst such buyer8 was Gelix Pharma Limited. Gefix Phama Limited didn't make payment to PPL, despite giving multipie reminders. Finally, PPL issued a demand notice under section 8 of IBC, 2016 , demanding payment of the operational debt in respect of which default had curred. No response to such demand notice was given due to which PPL made an application under section 9 of 18C,2016 which got admitted by the adjudicating authority initiating the corporate insolvency resolution process (CiRP). Adjudicating authority made an order appointing the interin resolution professional and declaring a moratorium. In the first meeting of the committee of creditors, the interim resolution professional is resolved to be appointed as the fesdution proiessional by a wote of 70% of the yoting share of the financial creditors. One of the diecibis of Gela Phama Limited, wo has given a personal guarantee against one of the bor fowitgs of he company is hery happy after the dectaration of moratorlum linder section 14 of 18C.2016 because he ceeme cear to ppl that their dues will hardly be satisfed and hence they apply to kict tor seens clear to Ppi, that their dues wil haraly be satsied and hence they apply to thCt for withdrawal of their application flled earlier. Ms Arkits Joshi, dewhher of Mr. Joshi is studying international business at the University of Sheffeld, London (UK), and Mr. Joshi remitted an amount equivalent to USD 275,000 in foreion currency through an authorised dealer (without any permision from RBI) to her daughter for her universily fees and personal expenses during the financial year. Univarsity fees were approximalely USD 100,000 durng the year. This spring semesier' she completed her master program and retumed back to india under the 'Vande Bharat mission'. She joined the same urversily as a director in which her father is a chancelior. Ms. Ankha bought a luxurious apartnent for herself at a cost of 1.15 crores out of the funds sponsored for the trust of the university. On the same day, the property was shown ib be purchased at a price of 35 lakhs to the sub-registrar of properties in order to save stamp duty on it and the property was duly registered in the name of MS. Ankita; the fair value on the date of registration date was 1.20 crores. The fransaction came in the scanner of authorities and the said transaction was declared as 'Benami Transaction' and Ms. Ankita was accused as a Benamidar in the final order passed under the relevant provisions of the Prohibition of Benami Property Transactions Act, 1988. The fair market value of the property on the date of the order was 1.40 crores. Whether the credence of the director of Gelix Pharma Limited that 'section 14 of the Insovency and Bankruptcy Code, 2016(1BC) would apply to the personal guarantor as well' is valid? Support your answer with the relevant case law as applicable