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TMI Blog2022 (1) TMI 565X X X X Extracts X X X X X X X X Extracts X X X X ..... nding 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. The Applicant is directed to serve the copy of this order along with copy of the Application and documents immediately on the Resolution Professional and the Insolvency and Bankruptcy Board of India and file proof of service including dispatch and delivery thereof. Also, a copy of this Order and Application shall be served on the Pers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled by M/s. Maximum Synthetics Private Limited ('Corporate Debtor'). 2. It is stated that various credit facilities were obtained by the Corporate Debtor from SBI, but the Corporate Debtor was unable to abide by financial discipline and thus neglected to regularize its credit facility by failing to make payment of the outstanding amounts. It is stated that the Corporate Debtor is undergoing liquidation vide order dated 09.02.2021 in CP No. (IB) 17/JPR/2018. 3. It is seen that a Demand Notice dated 29.06.2021 was sent through post by the Applicant to the Personal Guarantor in respect of the unpaid debt due from the Corporate Debtor under Rule 7(1) of the IBC Rules, 2019. Copy of the postal receipts dated 30.06.2021 along with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions 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. 8. It shall be noted that the appointment of the Resolution Professional under Section 97 of the Code is critical and essential for the Applicant but also to safeguard the assets of the personal guarantor in terms of the provisions of the Code. Since the present application has been filed through the Resolution Professional, Smt. Reshma Mittal, bearing Registration No. IBBI/IPA-001/IP00297/2017-18/10541, this Bench confirms the appointment of the Resolution Professional in the matter. 9. The Applicant is directed to serve the copy of this order along with copy of the Applicati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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