9911796707
TMI Blog2022 (8) TMI 173X X X X Extracts X X X X X X X X Extracts X X X X ..... s allowed admitted. - CP (IB) No. 185/Chd/Hry/2021 - - - Dated:- 21-7-2022 - HON BLE MR. HARNAM SINGH THAKUR , MEMBER ( JUDICIAL ) And HON BLE MR. SUBRATA KUMAR DASH , MEMBER ( TECHNICAL ) For the Petitioner : Niharika Sohal , Advocate and Bishwaranjan Chatterjee , Resolution Professional For the Respondents : Meena Malhotra , Advocate for Creditor - Bank of India JUDGMENT Per Harnam Singh Thakur , Member ( Judicial ) 1. The petition is filed by Anita Bansal (Personal Guarantor) under Section 94 of Insolvency and Bankruptcy Code, 2016 (hereinafter referred as code) read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019 (hereinafter referred to as Personal Guarantors Insolvency Rules, 2019), seeking an order for initiation of the Insolvency Resolution Process ( IR Process ) against his/applicant who is the personal Guarantor to M/s. Orchid Textiles Private Limited ( Corporate Debtor/Principal Borrower ), who has extended personal guarantee to financial creditor namely, Central Bank of India and other lenders. The corporate debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation recorded in the report are as follows. The Resolution Professional sought the following information, explanation and clarification. a) List of Personal assets and liabilities as on date of the order i.e., 21.03.2022. b) In case, if there any guarantee deed that had been executed from your end to any other Company apart from Orchid Textiles Private Limited. c) The assets which are mortgaged with the Creditors against the Guarantee, if any. d) Apart from the above, following documents are also required; Income Tax returns along with its computation for last three Financial Years i.e., FY 2018-19, 2019-20 and 2020-21. Statement of affairs; for last three Financial Years i.e., FY 2018-19, 2019-20 and 2020-21. GST Returns: for last three Financial Years i.e., FY 2018-19, 2019-20 and 2020-21. Details of the Bank Account on your name and the bank statements of the said bank accounts for last one year. In response to the above-mentioned information, explanation and clarification sought by Resolution Professional, the Personal Guarantor had given the following information: a.a That the Personal Guarantor had not made any paym ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tended by Intec Capital Ltd. The borrower/guarantor had issued security cheques to the Intec Capital Ltd. Lenders have issued notice under section 138 of NI and the matter is sub-judice before the SAKET Court, New Delhi. ... That the personal guarantor -Anita Bansal had guaranteed the business loans of Rs. 8,00,000 (Rs. Eight Lacs Only) extended by Indusind Bank Ltd. The personal guarantor had issued a security cheque to the lender. The borrower has also given post-dated cheques/security cheques to the lender and borrower also informed that, he had no knowledge about any legal action taken by the lender or not for recovery of the loan. ... That the personal guarantor -Anita Bansal had guaranteed/taken the housing loans of Rs. 88,65,003.07/- extended by L and T Housing Finance Ltd. The borrower has also submitted post-dated cheques to avail and secure the facilities. The borrower has also given post-dated cheques/security cheques to the lender. L T housing sold the properties mortgage with them and borrower also informed that, he had no knowledge about any legal action taken by the lender or not for recovery of the housing loan. .... That the personal guarantor -A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he personal guarantor had also shared the copy of deed of loan agreement/guarantor/notices/copy of orders. Further the borrower informed that he had issued post-dated cheques to the lender to avail the facilities and nothing has been paid till date and borrower also informed that, the matter is sub- Judice before District Court, Panchkula. ... That the personal guarantor -Anita Bansal had guaranteed and taken Personal loan of Rs. 50,000/- (Rs. Fifty Thousand only) extended by Mr. Greesh Singla. Furthermore, the personal guarantor had also shared the copy of deed of loan agreement/guarantor/notices/copy of orders. Further the borrower informed that he had issued post-dated cheques to the lender to avail the facilities and nothing has been paid till date and borrower also informed that, the matter is sub- Judice before District Court, Panchkula. ... That the personal guarantor -Anita Bansal had guaranteed and taken Personal loan of Rs. 8,00,000 (Rs. Eight Lacs only) extended by Mr. Sanjay Singla. Furthermore, the personal guarantor had also shared the copy of deed of loan agreement/guarantor/notices/copy of orders. Further the borrower informed that he had issued post-dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... now that against the M/s. Orchid Textiles Private Limited the petition under section 7 of IBC, 2016 also been filed by Manju Gupta. OBSERVATION AND RECOMMENDATION BY RESOLUTION PROFESSIONAL In view of the above facts and circumstances, I, BISHWA RANJAN CHATERJEE, the Resolution Professional appointed by this Hon'ble Tribunal, vide order dated 21.03.2022 in C.P. (IB) No. 185/CHD/Pb/2021, hereby confirm that, I have perused/examined all the underlying documents and annexure and all the parameters are duly complied as per the provision of IBC and all the requisite requirement under section 94 are duly met with, therefore, the Resolution Professional is of the considered opinion that the application filed by the applicant for initiation of Insolvency Resolution Process against Mrs. Anita Bansal, Personal Guarantor to the Corporate Debtor M/s. Orchid Textiles Private Limited is in compliance with the provisions of the Code. Hence, the Resolution Professional considering the requirements of the admission of Personal Guarantee as stipulated in the Code recommends under section 99 (7) for approval of the application for initiation of Insolvency Resolution Process against Sm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rights or beneficial interest therein; (d) 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. 6. The Resolution Professional, Mr. Bishwa Ranjan Chatterjee, who has been appointed under Section 97 vide order dated 21.03.2022, 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, Chandigarh, inviting claims from all creditors, who shall register their claims as provided under Section 103 within 21 days of such issuance. The notice shall contain the necessary information as provided under Section 102(2) of IBC, 2016. The publication of notice shall be made in newspapers, one in English and other in Vernacular which have wide circulation in the state where the debtor resides. The Resolution Professional shall furnish two spare copies of the notice to the Registry. One shall be placed by the Registry on our website and the other shall be affixed in the premises of this Authority. 7. The Resolution Professional in exercise of the powers conferred under Section 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
