9911796707
TMI Blog2022 (4) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... for Personal Guarantors to Corporate Debtors) Rules, 2019 with a prayer to initiate Corporate Insolvency Resolution Process against the Applicant/Debtor, who is one of the Personal Guarantors to Indian Bank, Vijaya Bank and Aditya Birla Finance Limited (hereinafter called as "Financial Creditor)") for the loans secured by M/s. Steel Hypermart India Private Limited (hereinafter called as "Corporate Applicant"). 2. It is stated that the total amount of debt and default committed by the corporate applicant is Rs. 181,24,67,000/- (Rupees One Hundred and Eighty One Crores Twenty Four Lakhs Sixty Seven Thousand Only) for which the applicant is a Guarantor. 3. It is also stated that the corporate applicant godowns were raided by the GST Departm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are as follows:- (i) The RP submits that the Corporate Debtor, M/s. Steel Hypermart India Pvt. Ltd. had filed petition u/s. 10 of IBC which was admitted after extensive arguments by respondent, financial creditors (ii) The RP further submits that the said Debt does not fall as mentioned u/s. 79(15)(e) of IBC, 2016 (iii) The RP submits that Applicant/Debtor is not an undischarged bankrupt, not undergoing a fresh start process or undergoing a bankruptcy Process. (iv) The RP submits that no application under Chapter III of IBC, 2016 has been admitted in respect of the Applicant/Debtor during the period of twelve months preceding the date of submission of this application under section 94. (v) Application had been made in Form A under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate of admission of the application and shall cease to have effect at the end of the period of 180 days, as provided under Sec 101 of IBQ 2016. 8. During the moratorium period; (i) Any pending legal action or proceeding 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; and (iii) The debtor shall not transfer, alienate, encumber, or dispose of any of his assets or his legal rights or beneficial interest therein; (iv) The provisions of this section shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 9. The Resolution Professional v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall record the reasons therefore. If the Resolution Professional is of the opinion that the meeting of the creditors should be summoned, he shall specify the details as provided under Section 106(3) of the IBC, 2016. The date of meeting should not be less than 14 days or more than 28 days from the date of submission of the Report under Sub-Section (1) of Section 106 of IBC, 2016 for which at least 14 days' notice to the creditors [as per the list prepared] shall be issued by all modes. Such notice must contain the details as provided under the provisions of Section 107 of IBC, 2016. 12. The meeting of the creditors shall be conducted in accordance with Sections 108, 109, 110 & 111 of IBC, 2016. The Resolution Professional shall prepa ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
