9911796707
TMI Blog2021 (3) TMI 1260X X X X Extracts X X X X X X X X Extracts X X X X ..... the I & B Code through the Resolution Professional (RP), Mr. Ram Ratan Kanoongo, bearing IBBI Registration No. IBBI/IPA-001/IP-P00070/2017-18/10156 against Mr. Ajit Bhagwan Kulkarni, Personal Guarantor to the Corporate Debtor, Pratibha Industries Limited. The RP has been appointed by the Creditor, State Bank of India, to file the preset Petition under Section 95 of the Code. The Bench notes that the Resolution Professional has been authorized by the State Bank of India, the Financial Creditor, to file the Petition for which an authority letter has been issued by State Bank of India vide their mail dated 12.08.2020 addressed to the RP. As per this email, Resolution Professional has been appointed to initiate personal insolvency against the P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nancial Creditor, i.e., State Bank of India on 14.07.2020 to the Corporate Guarantor in respect of the unpaid debt due from M/s. Pratibha Industries Limited (Corporate Debtor) under rule 7(1) of the IBC, 2016. The Applicant has produced proof of evidence that the said notice was delivered to the Personal Guarantors on 25.07.2020 along with computation of the amount of default and other particulars. The Applicant mention that there has been no response from the Respondent side to the demand notice. 7. The Bench notes that as required under the I&B Code, after 14 days from the date of service of the demand notice, the Petition under Section 95 in prescribed Form 'C' was filed on 27.08.2020 and was served and copy of it was delivered to the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor, M/s. Pratibha Industries Limited in CP No. 1189/2020. The Interim Moratorium as per Section 96(1) of the Code has commenced from the date of filing of Application by the Financial Creditor, i.e., 25.01.2021. 12. The Bench makes it clear that from the date of filing this Application, i/e., 25.01.2021 by the Petitioner, Interim Moratorium commences as stipulated under Section 96(1) of the Code in relation to all the debts of the Personal Guarantor. During the Interim Moratorium period: (i) any pending legal action or proceedings in respect of any debt shall be deemed to have been stayed; and (ii) the creditors of the debtor shall not initiate any legal action or proceedings in respect of any debt. As per Section 96(3) of the Code, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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