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2022 (2) TMI 96 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Personal Guarantor to the Corporate Debtor - existence of debt and dispute or not - HELD THAT - It is pertinent to mention that as per part-III of Form-C, the total debt from the personal guarantor, by way of personal guarantee given to M/s. State Bank of India, including interest as on 17.05.2021, amounts to ₹ 1169,37,87,061/-. It is made known to everyone that on the date of filing this Application by the Applicant/Creditor, the interim-moratorium commences as stipulated under Section 96(1)(a), in relation to all the debts of the personal guarantor and shall cease to have effect on the date of admission of this Application - Application admitted - moratorium declared.
Issues:
Application under Section 95 of the Insolvency and Bankruptcy Code, 2016 against Personal Guarantor for Outstanding Debt. Analysis: 1. The Financial Creditor, M/s. State Bank of India, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against the Personal Guarantor of the Corporate Debtor, 'M/s. Metenere Limited', for an outstanding debt of &8377; 1169,37,87,061 as of 28.07.2017. The Resolution Professional, Mr. Vijender, was proposed by the Financial Creditor to file the application under rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. 2. The CD, M/s. Metenere Limited, had availed various loan facilities from the applicant bank and its subsidiaries. The Respondent, Mr. Raman Gupta, stood as the personal guarantor for these facilities and executed several deeds of Personal Guarantee for both working capital and term loan facilities. 3. Despite repeated reminders and follow-ups, the CD and the Respondent failed to maintain financial discipline, leading to defaults. The account of CD was declared as Non-Performing Asset (NPA) on 28.07.2017. An application regarding the Corporate Debtor was admitted under Corporate Insolvency Resolution Process by NCLT, New Delhi, in 2020. 4. A Demand Notice was issued to the Personal Guarantor in respect of the unpaid debt due from M/s. Metenere Limited. The total debt from the personal guarantor, including interest, amounted to &8377; 1169,37,87,061 as of 17.05.2021. 5. The interim-moratorium commenced upon filing the application, prohibiting any legal action or proceeding in respect of any debt of the personal guarantor. The Applicant proposed Mr. Vijender Sharma as the Resolution Professional, who was appointed subject to regulations of the IBBI. 6. The Resolution Professional is directed to exercise all powers under the Code and make recommendations for the acceptance or rejection of the application within the stipulated time. The Applicant and the Registry are instructed to serve the order and documents on the Resolution Professional for compliance. 7. The matter is listed for further proceedings on 21.02.2022, maintaining the legal process for Insolvency Resolution against the Personal Guarantor in this case.
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