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TMI Blog2022 (8) TMI 174X X X X Extracts X X X X X X X X Extracts X X X X ..... an. Therefore, based on the reasons recorded in the report submitted by the Resolution Professional, the application i.e. CP(IB) No. 183/Chd/Hry/2021 filed under the provisions of Section 94 of IBC, 2016 is hereby admitted under Section 100 of the IBC, 2016. The Insolvency Resolution Process is initiated against the Applicant/Debtor 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 under Section 101 of IBC, 2016. Petition allowed. - CP (IB) No. 183/Chd/Hry/2021 - - - Dated:- 21-7-2022 - Harnam Singh Thakur, Member (J) And Subrata Kumar Dash, Member (T) For the Appellant : Niharika Sohal, Advocate and Bishwaranjan Chatterjee, Resolution For the Respondents : Meena Malhotra, Advocate for Creditor-Bank of India JUDGMENT Harnam Singh Thakur, Member (J) 1. The petition is filed by Neeraj 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... creditor-Bank of India. It is to be noted that no objection/reply has been filed by the said respondent-creditor-Bank of India. 4. The Resolution Professional was directed to file the report under Section 99 of Insolvency and Bankruptcy Code, 2016 which has been filed by him through IA No. 421/2022 filed in CP(IB) No. 183/Chd/Hry/2021 recommending the admission of the application filed under Section 94 of IBC, 2016. The grounds for admission of the application 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, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a petition under section 7 of I B Code, 2016. .... That the personal guarantor -Neeraj Bansal had guaranteed the loans of Rs. 1,62,66,347.55(13(2) notice) extended by Indian Bank (Erstwhile Allahabad Bank). Furthermore, the personal guarantor had also shared the copy of deed of guarantee/notices/copy of orders of recall notice guarantor also informed that, one complaint is pending before appropriate authority for recovery of the loan. .... That the personal guarantor -Neeraj Bansal had guaranteed the loans of Rs. 29,17,694/- extended by Intec Capital Ltd. The guarantor/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 -Neeraj Bansal had guaranteed the business loans of Rs. 8,00,000 (Rs. Eight Lacs Only) extended by Indusland Bank Ltd. (Orchid Enterprises) The personal guarantor had issued a security cheque to the lender. The guarantor has also given post-dated cheques/security cheques to the lender and guarantor also informed that, he had no knowledge about any legal action taken by the lender or not for r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nteed/taken the car loans of Rs. 20,00,000 - (Rs. Twenty Lacs Only) extended by Kotak Mahindra Prime Ltd. Further the guarantor informed that he had issued post-dated cheques to the lender to avail the facilities and nothing has been paid till date and guarantor also informed that, the lender initiated the legal action recovery of the car loan and matter is sub-judice before the CJM. Chandigarh .... That the personal guarantor - Neeraj Bansal had guaranteed a business loan/personal loan of Rs. 50,000/- (Rs. Fifty Thousand only) extended by Mandeep Singh. Further the guarantor informed that he had issued post-dated cheques to the lender to avail the facilities and nothing has been paid till date and guarantor also informed that, the lender initiated the legal action and matter is sub-judice before the JMIC, Chandigarh. .... That the personal guarantor -Neeraj Bansal had guaranteed taken the business loans of Rs. 20,00,000 extended by Bank of India, Sector 35, Chandigarh. Further the guarantor informed that nothing has been paid till and the matter is sub-judice at DRT Sector 17 -Chandigarh. ... That meanwhile, an CP/IBC/52/2021 was filed by Manju Gupta under Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceived notice on behalf Orchid Textiles Private Limited of Rs. 21,763/- extended by Employee Provident Fund Organisation. The matter is sub- judice before Provident office, Chandigarh. .... That the personal guarantor -Neeraj Bansal had guaranteed/taken the friendly/business loan of Rs. 30,00,000 extended by M/s. K and A Forge Chandigarh. Further the guarantor informed that nothing has been paid till date and guarantor also informed that, he had no knowledge about any legal action taken by the lender or not for recovery of the personal loan. 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. 183/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 Reso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Insolvency Resolution Process is initiated against the Applicant/Debtor 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 under Section 101 of IBC, 2016. During the moratorium period, (a) Any pending legal action or proceeding in respect of any debt shall be deemed to have been stayed; and (b) The creditors of the debtor shall not initiate any legal action or proceedings in respect of any debt; and (c) The debtor shall not transfer, alienate, encumber, or dispose of any of his assets or his legal 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 shal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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