9911796707
TMI Blog2021 (10) TMI 713X X X X Extracts X X X X X X X X Extracts X X X X ..... here is a 'default' on the part of the Personal Guarantor by not fulfilling the debt owed to the Corporate Debtor, i.e., RGTL Industries Ltd. Application admitted - moratorium declared. - IB-510/(ND)/2021 - - - Dated:- 8-10-2021 - P. S. N. Prasad , Member ( J ) And Narender Kumar Bhola , Member ( T ) For the Appellant : Nikunj Hurria , Advocate ORDER P. S. N. Prasad , Member ( J ) 1. This is an application filed by 'Bank of Baroda' under Section 95 of the Insolvency and Bankruptcy Code, 2016 through its Authorized Personnel Mr. Dinesh Kumar against Mr. Saurabh Rathi, Personal Guarantor to the Corporate Debtor, 'M/s. RGTL Industries Ltd'. The Authorized Person has been appointed by the Financia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rther as per clause 8 of the deed of guarantee dated 29.09.2015 the guarantee which was provided by the respondent in respect of the amounts advanced by the applicant to RGTL Industries Limited was of continuing in nature, according to section 130 of Indian Contract Act, 1872 the applicant declares that no revocation of the continuing guarantee has been received by the applicant from the respondent till the present filing of this application and therefore the respondents guarantee provided for amounts advanced by the applicant to RGTL Industries Limited is still continuing and the respondent is still liable for the due amount. 4. The Ld. Counsel for the applicant further submitted that a Demand Notice in Form B under rule 7(1) of the Ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20,10,27,358 (Rupees Twenty Crore Ten Lakh Twenty-Seven Thousand Three Hundred and Fifty-Eight Only). 8. This Tribunal heard the arguments advanced by the Ld. counsel for the Applicant and perused the averments made in the application as well as the documents enclosed with the application. Further, the Respondent has filed its reply and it's been annexed with the petition and on the date of hearing there was no representation from the side of the Respondent i.e., the Personal Guarantor. 9. That based on the documents produced and placed on record before this Tribunal and on the submissions made by the Applicant it can be concluded that there is a 'default' on the part of the Personal Guarantor by not fulfilling the debt o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Code, hence, in Part-IV of the present application, Resolution Professional Proposed, Mr. Anil Matta, bearing Registration No. IBBI/IPA-001/IP-P00223/2017-18/10422, is being confirmed by this bench for appointment as the proposed Resolution Professional in the matter. 13. In this matter, the Resolution Professional, Mr. Anil Matta, shall exercise all the powers as enumerated under Section 99 of the Code read with Rules made there under. He is directed to make the recommendations, with reasons in writing, for acceptance or rejection of this Application within the stipulated time as envisaged under the provisions of Section 99 of the Code. The Resolution Professional shall provide a copy of the report under sub-section 7 of Section 99 to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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