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TMI Blog2022 (7) TMI 1068X X X X Extracts X X X X X X X X Extracts X X X X ..... out in the agreements - For the Credit facilities, Deed of Guarantee was executed by the respondent-personal guarantor towards security for due repayment of the loans and advances granted to principal debtor with interest, cost and expenses from time to time. The AGEPL and the respondent/personal guarantor had failed and/or neglected to make payment as per terms of the said Agreements. That due to failure of the Corporate Debtor to comply the terms and conditions of the loan accounts, the said loan accounts have been classified as NPA as per the guidelines of RBI. The personal guarantor, viz., Mr. Pratyush Kumar Sureka, had executed several personal guarantees lastly on 22.10.2013 in favour of the Applicant to secure the repayment of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for Personal Guarantors to Corporate Debtor) Rules, 2019 (hereinafter referred to as IB Rules, 2019 ) and regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 (hereinafter referred to as IB Regulations, 2019 ) for initiating the Insolvency Resolution Process (hereinafter referred to as IR Process ) against Mr. Pratyush Kumar Sureka, Personal Guarantor for M/s. Alex Green Energy Private Limited. (CIN: U74999WB2012PTC173609) (hereinafter referred to as AGEPL ) demanding total debt of Rs. 25,05,78,059.60/-. 3. The factual matrix of the case is that the Applicant is a body corporate constituted under the provisions of the Banking Companies (Acquisition and Transfer of Und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ery Tribunal-I, Kolkata. Notice dated 13.03.2018 was principal borrower as well as the guarantors including Mr. Pratyush Kumar Sureka. Meanwhile, AGEPL (Corporate Debtor) was admitted under CIRP by the National Company Law Tribunal, Kolkata Bench vide order dated 18.02.2019 passed in CP(IB)/1439(KB)2018 (Hemant Khaitan Vs. M/s. Alex Green Energy Pvt. Ltd. and finally vide order dated 25/11/2019 Resolution Plan was approved. 6. The personal guarantor, viz., Mr. Pratyush Kumar Sureka, had executed several personal guarantees lastly on 22.10.2013 in favour of the Applicant to secure the repayment of the principal amount of the Credit Facilities together with all interest, additional interest, liquidated damages, premium on repayments, rei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dia (Insolvency Professionals) Regulations, 2019. The Resolution Professional is directed to file declaration within seven days from the date of receiving this Order to the effect that he fulfills all the requirements for being appointed as Resolution Professional in the matter. 10. The Resolution Professional shall exercise all the powers as enumerated under section 99 of the IBC, 2016 read with the Rules made thereunder. He is directed to make the recommendations for acceptance or rejection of this Application within the stipulated time as envisaged under section 99(1) of the IBC, 2016. The RP shall give a copy of the report under sub-section (7) of section 99 of IBC, 2016 to the Applicant, as soon as the same is filed before this Adju ..... X X X X Extracts X X X X X X X X Extracts X X X X
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