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TMI Blog2022 (2) TMI 460X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Resolution Professional is directed to exercise all the powers as enumerated under Section 99 of the Code, r/w Rules made thereunder. 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 - List the matter for further proceedings in this case on 15.03.2022. - C.P. (IB) No. 126/BB/2021 - - - Dated:- 1-2-2022 - Ajay Kumar Vatsava ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the financial creditors, Indian Bank and Vijaya Bank classifying the corporate applicant accounts as Non-Performing Assets on 30.04.2019 and 29.05.2019 and both these financial creditors initiated recovery proceedings by serving Demand Notices dated 13.05.2019 and 06.06.2019 u/s. 13(2) of SARFAESI Act, 2002. It is also stated that another financial creditor, Aditya Birla Finance Limited issued Demand Notice on 08.06.2021 and also issued notice dated 15.09.2021 invoking personal guarantees of the applicant/guarantor. 4. It is stated that the Corporate Applicant i.e. M/s. Steel Hypermart India Private Limited had initiated an application under section 10 seeking Corporate Insolvency Resolution Process, numbered as CP(IB) No. 216/BB/2020 be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns 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. 9. 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 provision of the Code. In Part IV of Form No. A, Mr. MADHU DESIKAN, Registration No. IBBI/IPA-001/IP/IP-P00579/2017-2018/1102 has been proposed as Interim Resolution Professional (IRP). This Bench confirms the appointment of the Resolution Professional in the matter. 10. The Applicant/Guarantor is directed to serve the copy of this order along with copy of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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