9911796707
TMI Blog2022 (2) TMI 205X X X X Extracts X X X X X X X X Extracts X X X X ..... btor (CD), 'M/s. VIL Limited'. The Resolution Professional has been proposed by the Financial Creditor, M/s. Bank of India, to file the present Application, under Section 95 of the Code, seeking to initiate Insolvency Resolution Process against personal Guarantor of the CD, in respect of the Outstanding debt of Rs. 59,65,43,741/- (Rupees Fifty Nine Cores Sixty Five Lakhs Forty Three Thousand Seven Hundred Forty One), as on 07.07.2015, due from the Corporate Debtor, under rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors), Rules, 2019. 2. The Ld. Counsel for the Applicant states that the CD, availed the principal multiline wor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Singh and the deed of personal guarantee dated 31.07.2014 issued by Mr. Aamir Ahmed ("Personal Guarantor') in favour of the Applicant. 5. While availing the aforesaid loan/credit facilities, the CD did not maintain financial discipline and miserably failed to adhere to the terms and conditions laid out in the Working Capital Consortium Agreement. As a result, the account of CD was declared as NPA on 07.07.2015. 6. It is further stated that, a section 7 application under the I & B Code, 2016, was filed by M/s. ICICI Bank Limited against the CD, for initiation of CIRP proceedings, which was admitted by the Hon'ble Tribunal on 19.03.2019. Eventually, this Hon'ble AA, vide order dated 24.12.2020, was pleased to finally approve th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any debt. This shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 10. The Applicant/Creditor has proposed the name of Ms. Ritu Rastogi, Insolvency Professional, having registration number IBBI/IPA-001/IP-P00204/2017-18/10393, [email protected], Phone- 9810037450, for appointment as the Resolution Professional. No disciplinary proceedings are stated to be pending against her. Therefore, Ms. Ritu Rastogi, is appointed as the Resolution Professional, in exercise of powers conferred under Section 97 of the IBC, 2016 on this Authority, subject to Regulations 4(1) and (2) of the IBBI (Insolvency Resolution Process for Personal Guarantors ..... X X X X Extracts X X X X X X X X Extracts X X X X
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