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TMI Blog2022 (4) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... ess is initiated against the Applicant/Personal Guarantor and moratorium is declared in place of interim moratorium, which begins with the date 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 IBC 2016. Application admitted - moratorium declared. - C.P. (IB) No. 126/BB/2021 - - - Dated:- 25-3-2022 - Ajay Kumar Vatsavayi, Member (J) And Manoj Kumar Dubey, Member (T) For the Appellant : A.S. Sathish Kumar ORDER Ajay Kumar Vatsavayi, Member (J) 1. The present Application is filed by Mr. Mahendra Kumar Singhi (for brevity 'Applicant/Debtor') through his counsel Mr. A.S. Sathish Kumar, under Section 94(1)of the IBC, 2016, r/w Rule 6(1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l creditor, Aditya Birla Finance Limited issued Demand Notice dated 08.06.2021 and also issued notice dated 15.09.2021 invoking personal guarantees of the applicant/debtor. 4. On presentation of the Application by the Applicant, under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, for initiating Insolvency Resolution Process against the Personal Guarantor, this Tribunal vide order dated 1st February 2022 has appointed the Resolution Professional viz., Mr. Madhu Desikan, Registration No. IBBI/IPA-001/IP-P00579/2017-2018/1102, and directed him to file report under section 99 of Insolvency and Bankruptcy Code, 2016. The Resolution Professional has filed his report dated 21-02-2022 vide Diary No. 653 recommending admission of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d u/s. 94 of IBC, 2016 by Applicant/Debtor. 5. From the report of the Resolution Professional there does not appear any request for issuance of any direction for the purpose of conducting negotiations between the Personal Guarantor and the Financial Creditor for arriving at the repayment plan. 6. Heard the Learned Counsel appearing for the Applicant and pursued the entire case records/documents and have gone through the report dated 21.02.2022 filed by the Resolution Professional. 7. Hence, based on the reasons recorded in the report submitted by the Resolution Professional, the application i.e., CP(IB) No. 126/BB/2021 filed under Section 94 of IBC, 2016 is hereby admitted under Section 100 of the IBC, 2016. The Insolvency Resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have wide circulation in the State where the Corporate Debtor and Personal Guarantor resides. The Resolution Professional shall furnish two copies of the notice to the Registry. 10. The Resolution Professional in exercise of the powers conferred under Section 104 of IBC, 2016 shall prepare a list of creditors within 30 days from the date of notice. The debtor shall prepare a repayment plan in consultation with the Resolution Professional as provided under Section 105 of IBC, 2016 which shall include provisions for payment of fee to the Resolution Professional. The Resolution Professional shall submit the repayment plan along with his report on the plan to this Authority within a period of 21 days from the last date of submission of clai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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