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TMI Blog2022 (4) TMI 568X X X X Extracts X X X X X X X X Extracts X X X X ..... 39;Code') r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 with a prayer to initiate Insolvency Resolution Process against Mr. M.S. Sriharsha (hereinafter called as "Respondent/Personal Guarantor") who is the Personal Guarantor for the credit facilities extended by the Applicant, State Bank of India, to the Corporate Debtor, M/s. Sura Leathers Private Limited (hereinafter called as 'Corporate Debtor'). 2. It is stated that the Financial Creditor had executed various credit facilities in favour of the Corporate Debtor for which the Respondent stood as the Personal Guarantor. However the Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reditor, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, for initiating Insolvency Resolution Process against the Personal Guarantor, this Tribunal vide order dated 02nd December, 2021 has appointed the Resolution Professional viz., Mr. Hem Chandra, Registration No. IBBI/IPA-003/IP-N00155/2018-2019/11845, and directed him to file report under section 99 of Insolvency and Bankruptcy Code, 2016. The Resolution Professional had filed his report dated 10-12-2021 vide Diary No. 3516 recommending admission of the application filed under section 95 of IBC, 2016. The grounds for admission of the application recorded in the report are as follows:- (i) The Personal Guarantor had committed default in repayment of his debts. (ii) T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and pursued the entire case records/documents and have gone through the report dated 10.12.2021 filed by the Resolution Professional. 8. Hence, based on the reasons recorded in the report submitted by the Resolution Professional, the application i.e., CP (IB) No. 76/BB/2021 filed under Section 95 of IBC, 2016 is hereby admitted under Section 100 of the IBC, 2016. The Insolvency Resolution Process is initiated against the Respondent/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. 9. During the moratorium period; (i) Any pending legal action or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 claims, as provided under Section 106 of IBC, 2016. 12. In case the Resolution Professional recommend that a meeting of the creditors is not required to be summoned, he 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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