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TMI Blog2021 (3) TMI 1351X X X X Extracts X X X X X X X X Extracts X X X X ..... rantors to Corporate Debtors) Rules, 2019 to the Personal Guarantor on 22.10.2020 is also placed on record. The Learned Counsel for the Applicant had filed rejoinder to the Counter wherein the Applicant refuted the allegations made by the Guarantor and stated that the personal guarantor is projecting the case of the borrower company and raised several pleas available to the borrower which is not maintainable. In this case, the borrower's liability has been adjudicated and he is made liable. In addition to that, the Personal Guarantor has not preferred any appeal against the decree passed by Hon'ble DRT and the said decree has become final. Further, the CIRP proceedings against the said Corporate Debtor is pending in IBA/624/2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2.2013 and the said Deed of guarantees is enclosed along with the typed set filed along with the Application. 5. The Demand Notice which was issued under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 to the Personal Guarantor on 22.10.2020 is also placed on record at Pg. Nos. 188 to 189 at Annexure 1(14). 6. The date of default as mentioned in the application is 08.03.2019. Hence, on this term, the present Petition is filed to initiate proceeding in terms of Section 95 (1) of the IBC, 2016, against the Respondent herein. 7. The Respondent has filed counter and it has been submitted that this application is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 39;ble NCLAT, Principal Bench, in the matter of Mr. Ravi Ajit Kulkarni -Vs- State Bank of India in Company Appeal (AT) (Insolvency) No. 316 of 2021 has held in para 42 that once an Application under Section 95 of IBC, 2016 is filed, the Adjudicating Authority has to act on it, and following principles of natural justice, give limited notice to Personal Guarantor to appear referring to the Interim Moratorium that has commenced as per terms of Section 96 and subsequently proceed to the next stage of appointing Resolution Professional as per Section 97 read with attendant Rules and Regulations. 11. Accordingly, we hereby appoint Mr. Prasanna Kumar Rath having Registration No. : IBBI/IPA-003/IP-N000140/2017-2018/11512 as the Interim Resoluti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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