9911796707
TMI Blog2022 (4) TMI 604X X X X Extracts X X X X X X X X Extracts X X X X ..... with respect to the examination of the Application. The Report of the RP has recommended the admission of the Application filed by the Financial Creditor against the Personal Guarantor. There is Guarantee given by the Personal Guarantor against the default made by the Corporate Debtor for payment of debt amount and the amount of default has been above the threshold limit. Therefore, we do not have any objection on record against the application filed for initiation of IRP against the Personal Guarantor to the Corporate Debtor. The Application is complete and has been filed under the proper form. The debt amount is more than Rupees One Thousand and the default of the Personal Guarantor to the Corporate Debtor has been established. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solution Professional (RP) was appointed as the Resolution Professional to conduct the Insolvency Resolution Process of the Personal Guarantor in the matter. Pursuant to the said order the RP has filed its report under section 99 of the Code and submits as under: a. As per section 99(2) of the Code, the RP has issued an intimation on 11.01.2022 by E-mail to the Personal Guarantor requiring him to prove repayment of the debt claimed as unpaid by the Creditor. The RP had provided time till 18.01.2022 to the Personal Guarantor to revert with the necessary information and documents. b. The Personal Guarantor sent two replies dated 18.01.2022 and 24.01.2022 submitting that this deed of Guarantee which was executed on 24.01.2013 was not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s under: a. The Banks or Financial Institutions for whom SBICAP Trustee Company Limited was acting as a Security Trustee has accepted the factual and legal position and the Personal Guarantor even though they have impleaded Mr. Kishore Avarsekar and Mr. Abhijit Avarsekar (who continued to be the Directors at the time of Corporate Debt Restructuring and singing of various fresh documents including Master Restructuring Agreement and the Trust Deed in favour of SBICAP Trustee Company Ltd.) Thus, these Banks or Financial Institutions have accepted and admitted the position in terms of facts and law that the Personal Guarantor had attempted to explain to RP but the same was not taken cognizance by the RP. b. The Applicant itself in it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal Guarantee of the Respondent is continuing in nature. Further, the Respondent has neither disputed the Deed of Guarantee nor denied the outstanding claimed by the Applicant/Financial Creditor. Upon bare perusal of the Report filed by the RP, this Bench has gone through the observations made by the RP with respect to the examination of the Application. The Report of the RP has recommended the admission of the Application filed by the Financial Creditor against the Personal Guarantor. 13. There is Guarantee given by the Personal Guarantor against the default made by the Corporate Debtor for payment of debt amount and the amount of default has been above the threshold limit. Therefore, we do not have any objection on record against the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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