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TMI Blog2022 (7) TMI 142X X X X Extracts X X X X X X X X Extracts X X X X ..... tion Process in respect of Avasarala Venkateswara Rao, Personal Guarantor to the Corporate Debtor - Despite of opportunity counter not filed by the respondents. Thus the contentions as made in the application remain unrebutted. The report of the Resolution Professional also has been neither questioned nor complied with. In this backdrop, on careful perusal of record, it is found that the petition filed by the personal guarantor for initiation of Insolvency resolution process against her, prima facie, not collusive. There are no reasons to dismiss the Petition. The Petitioner/Debtor herein has proposed the name of Shri Ramachander Rao Bikumalla, Insolvency Professional to act as Resolution Professional, who has given his consent in Form-A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. c. It is averred that Respondent No. 1/SBI and Respondent No. 3/Indian Overseas Bank invoked the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002(SARFEASI, Act) and issued notices to the Applicant for payment of dues. Due to default of payment, Respondent No. 1 has enforced the security extended by the Applicant and sold the immovable properties of the Applicant. d. It is averred that after sale proceeds of the immovable properties still there is liability left to the financial creditors. e. The Applicant/Debtor has clearly brought it out in his petition that he has extended his personal property for securing the debt to the Respondents 2 5 Banks for which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or through a resolution professional, to the Adjudicating Authority for initiating the insolvency resolution process, by submitting an application. (2) Where the debtor is a partner of a firm, such debtor shall not apply under this Chapter to the Adjudicating Authority in respect of the firm unless all or a majority of the partners of the firm file the application jointly. (3) An application under sub-section (1) shall be submitted only in respect of debts which are not excluded debts. Discharge order. Standard of conduct. Application by debtor to initiate insolvency resolution process. (4) A debtor shall not be entitled to make an application under sub-section (1) if he is-- (a) an undischarged bankrupt; (b) under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty on the basis of report submitted by the resolution professional that the application was made with the intention to defraud his creditors or the resolution professional, the order under sub-section (1) shall record that the creditor is entitled to file for a bankruptcy order under Chapter IV. 8. We have carefully perused the report of RP. The Resolution Professional, therefore recommended to accept the application filed under Section 94 of the IBC, 2016 for initiation of Insolvency Resolution Process in respect of Avasarala Venkateswara Rao, Personal Guarantor to the Corporate Debtor. Despite of opportunity counter not filed by the respondents. Thus the contentions as made in the application remain unrebutted. The report of the Resol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... visions of this Section shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (3) The Resolution Professional i.e. Shri Ramachander Rao Bikumalla, having IBBI registration No. IBBI/IPA-001/IP-P00740/2017-2018/11261, #Door No. 8-2-401/S/2, No. 2, Sheetal Enclave, Road No. 5, Banjara Hills, Hyderabad-500 034, who was appointed vide order dated 15.07.2021 is directed to cause public notice published on behalf of the Adjudicating Authority within 7 days of uploading of this order on the website of NCLT, Hyderabad, inviting claims from all creditors, who shall register their claims as provided under Section 103 of the Code within 21 days of such issuance. The n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall not be less than fourteen days or more than 28 days from the date of submission of the Report under Sub-Section (1) of Section 106, 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. (6) The meeting of the creditors shall be conducted in accordance with the provisions sections 109, 110 and 111. The Resolution Professional shall prepare a report of the meeting of the creditors on repayment plan with all details as provided under Section 112 and submit the same to the Authority, copies of which shall be provided to the guarantor and the creditors. It is made clear that the Resolution Pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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