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TMI Blog2021 (11) TMI 992X X X X Extracts X X X X X X X X Extracts X X X X ..... , 97, 99 & 100 r/w Rule 6 (1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019. The prayer made is to initiate the Insolvency Resolution Process ("IR Process") against the Applicant, who is the Personal Guarantor of the Union Bank of India and other Banks, in relation to the default made against the Credit facilities extended by the Banks in favour of Indosolar Pvt. Limited ("Corporate Debtor"). 2. That the Applicant has given its list of Creditors in the Part III of the Application. It is stated by the Applicant that the total amount recoverable from him is of Rs. 1777.91 Crores. The Applicant has also placed on record the copy of the Deed of personal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n, it is submitted that the Clause D and Para 18 of the Guarantee Deeds. The extract of the relevant portion relied by the Union Bank of India is reproduced below: Clause D: One of the conditions of the Master Restructuring Agreement. 18. This Guarantee shall be continuing one and shall remain in full force and effect till such time the Borrower repays in full the facilities together with all interest, liquidated damages, costs, charges and all other monies that may from time to time become due and payable and remain unpaid to the Lenders under the Master Restructuring. 20. Any demand for payment or notice under this Guarantee shall be sufficiently given if sent by post to or left at the last known address of the Guarantors or their p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted in respect of the Applicant/Debtor during the period of 12 months preceding the date of submission of this Application. The Application under consideration is in the prescribed Form and contains the required details. Thus, prima facie the requirements of Section 94 are fulfilled. 9. It is made known to everyone that on filing this Application by the Applicant, 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 and during the interim-moratorium period, the following are prohibited: (a) Any pending legal action or proceeding in respect of any debt of the personal guarantor shall be d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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