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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 ..... for the report of the RP, failing which, his right to file a reply stands forfeited. In spite of the above order, the Respondent has not chosen to file reply and in the result his right for filing the reply is forfeited. 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 Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is further stated that, the Operational Creditor of the Corporate Debtor namely M/s. Vansun Intermediaries Pvt. Ltd. had initiated an application under Section 9 of IBC, 2016 r/w Rule 6 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 seeking Corporate Insolvency Resolution Process against the Corporate Debtor, numbered as CP (IB) No. 41/BB/2019 which was admitted on 31.05.2019 and moratorium was imposed by this Tribunal. It is further submitted that Corporate Insolvency Resolution Process resulted in failure and liquidation was ordered by this Tribunal on 25.02.2020 and it is submitted that the said liquidation process is pending. 3. The Applicant Bank by issuing Demand Notice dated 14.08.2018 invoked ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esent application satisfies the requirements of provisions of section 95 of the Code. (iv) The RP submits that based on his examination the present application deserves to be admitted under section 100 of the Code. (v) The RP submits that considering the facts of the case and the debtor/personal guarantor does not satisfy the requirement under section 80(2) and hence is not eligible for a fresh start under Chapter II. (vi) The RP submits that the report is presented to this Tribunal with a recommendation of accepting the present application as the Personal Guarantor has not repaid the debt due to the Creditor. 5. From the report of the Resolution Professional there does not appear any request for issuance of any directi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 10. The Resolution Professional viz., Mr. Hem Chandra, who has been appointed under section 97 vide Order dated 02.12.2021, is directed to cause a public notice published on behalf of the Adjudicating Authority within 7 days of uploading of this Order on the website of the NCLT, Bengaluru inviting claims from all Creditors, who shall register ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 13. The meeting of the creditors shall be conducted in accordance with Sections 108, 109, 110 111 of IBC, 2016. The Resolution Professional shall prepare a report of the meeting of the creditors on repayment plan with all details as provided under Section 112 of IBC, 2016 and submit to this Authority, copies of which shall be provided to the Debtor and the Creditors. It is made clear that the Resolution Professional shall perform his functions and duties ..... X X X X Extracts X X X X X X X X Extracts X X X X
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