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TMI Blog2022 (7) TMI 984X X X X Extracts X X X X X X X X Extracts X X X X ..... 95 of the IBC, 2016 is hereby admitted under section 100 of the IBC, 2016. The Insolvency Resolution Process is initiated against the respondent and the moratorium is declared, 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 u/s. 101 of IBC, 2016 or until this Adjudicating Authority approves the repayment plan under sub-section (1) of section 114 of the Code. The Resolution Professional in exercise of the powers conferred u/s. 104 of the IBC, 2016 shall prepare a list of creditors within thirty days from the date of the notice. The personal guarantor shall prepare a repayment plan in consultation with the Resolution Professional as provided u/s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - - - Dated:- 15-7-2022 - Shri Rohit Kapoor : Member ( Judicial ) And Shri Harish Chander Suri : Member ( Technical ) For the Financial Creditor : Mr. Ramesh Chandra Prusti , Adv. Mr. Robin Singha , Adv. RP : Ms. Pallavi Ray , Adv. Mr. Tapan Kumar Ray , RP in person ORDER Per: Rohit Kapoor , Member ( Judicial ) 1. The Court convened via video conference. 2. Under consideration is an Application being CP(IB)/262(KB)2021 filed under section 95(1) read with sections 96, 97, 99 and 100 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as IBC, 2016 ) read with rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... demand to Indian Bank; (iii) Relevant evidence of the said default and non-repayment of the debts as aforesaid. (b) In accordance with the provisions laid down under section 95(5) of IBC, 2016, Indian Bank has provided a copy of the Application as aforesaid to Mr. Prasanna Dugar; (c) Indian Bank has served Demand Notice in Form B under Section 95(4)(b) of IBC, 2016 read with Rule 7(1) of IB Rules, 2019, to Mr. Prasanna Dugar, demanding payment of the amount of default; (d) Indian Bank has served a copy of the application referred to in Rule 7(2) of IB Rules, 2019 to Mr. Prasanna Dugar and IG J, in accordance with Rule 7(3) of IB Rules, 2019; (e) In accordance with the provision laid down under section 99(2) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Therefore, based on the reasons recorded in the report submitted by the Resolution Professional, the application, i.e., CP(IB)/262(KB)2021 filed under the provisions of section 95 of the IBC, 2016 is hereby admitted under section 100 of the IBC, 2016. The Insolvency Resolution Process is initiated against the respondent and the moratorium is declared, 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 u/s. 101 of IBC, 2016 or until this Adjudicating Authority approves the repayment plan under sub-section (1) of section 114 of the Code. During the moratorium period: - (a) Any pending legal action or proceeding in respect of any debt of the personal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esolution Professional in exercise of the powers conferred u/s. 104 of the IBC, 2016 shall prepare a list of creditors within thirty days from the date of the notice. The personal guarantor shall prepare a repayment plan in consultation with the Resolution Professional as provided u/s. 105 of the IBC, 2016, which shall include the 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 Adjudicating Authority within a period of twenty-one days from the last date of submission of claims, as provided u/s. 106 of the IBC, 2016. 8. In case the Resolution Professional recommends that a meeting of the creditors is not required to be summo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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