9911796707
TMI Blog2021 (3) TMI 1259X X X X Extracts X X X X X X X X Extracts X X X X ..... record before this Bench, the Bench has no doubt in its mind that there is a default on the part of the Personal Guarantor by not fulfilling the debt owed to the Corporate Debtor, i.e., Pratibha Industries Limited as per the Deed of Guarantee entered between the parties through the Deed of Guarantee dated 10.03.2017 - This Bench Allows the Application filed by Mr. Ram Ratan Kanungo, Insolvency Resolution Professional on behalf of State Bank of India, the Financial Creditor, under Section 95 of the Insolvency Bankruptcy Code, 2016 read with Rule 7 of the IBC Rules 2019 against Mr. Ravi Ajit Kulkarni, the Personal Guarantor of the Corporate Debtor, M/s. Pratibha Industries Limited in CP No. 1192/2020. The Interim Moratorium as per Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate 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 Personal Guarantor of the Corporate Debtor, i.e., Pratibha Industries Limited. The Bench also notes that the consent form of the RP, Mr. Ram Ratan Kanoongo, along with his IBBI Registration Certificate has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 16. 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 Section95 in prescribed Form C was filed on 27.08.2020 and was served and copy of it was delivered to the Respondent side on 29.08.2020. Subsequently as Amended Form C dated 25.01.2021 was also filed and served on the Respondent which was delivered on 28.01.2021. A proof of delivery has been annexed by the Appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ditor, 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, the provisions of sub-section 96(1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 13. The Bench notes t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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