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TMI Blog2022 (8) TMI 319X X X X Extracts X X X X X X X X Extracts X X X X ..... The debtor shall prepare a repayment plan in consultation with the Resolution Professional as provided under Section 105 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 Authority within a period of 21 days from the last date of submission of claims, as provided under Section 106. Petition filed under Section 94(1) of the IBC, 2016 is allowed admitted. - CP (IB) No. 182/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 Monica 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 420/2022 filed in CP(IB) No. 182/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, 2019-20 and 2020-21. GST Returns: for last three Financial Years i.e., FY 2018-19, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uarantor 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 ... That the personal guarantor -Monica Bansal had guaranteed and taken Personal loan of Rs. 1,36,169/- extended by Maurya Cleaning Services. 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 .... That the personal guarantor -Monica Bansal had guaranteed taken the business/personal loans of Rs. 51,47,500/- extended by Variety Properties Pvt. Ltd. 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 and the matter is pending before CJM Chandigarh District Court under Section 138. ... That the personal guarantor -Monica Bansal had guaranteed and taken Personal loan of Rs. 42,25,000/- extended by Neetu Yadav. Further the guarantor informed that nothing has been paid till date and guarantor also informed that, he had no knowl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,12,450/- extended by Guru Nanak Dairy. 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 .. That the personal guarantor -Monica Bansal had guaranteed and taken Personal loan of Rs. 25,00,000/- extended by Indo Farm Equipment Ltd. 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 .... That the personal guarantor -Monica Bansal had guaranteed and taken Personal loan of Rs. 51,850/- extended by Khalid Butchery. 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 ... That the personal guarantor -Monica Bansal had guaranteed and taken Personal loan of Rs. 4,00,000/- extended by Kanika Gupta. Further the guarantor informed that nothing has been paid till date and guarantor also informed that he had no knowledge a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 .... That the personal guarantor -Monica Bansal had granted and taken Business/Maintenance Charges of Rs. 23,50,000/- extended by Emaar India Management Ltd. 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 due ... That the personal guarantor -Monica Bansal had guaranteed and taken Personal loan of Rs. 65,000/- extended by Optimal Digitech Pvt. Ltd. Further the guarantor informed that nothing has been paid till date and guarantor also informed that the guarantor has issued post dated cheques to the lender and he had no knowledge about any legal action taken by the lender or not for recovery of the personal loan .... That the personal guarantor -Monica Bansal had guaranteed and taken Personal loan of Rs. 41,200/- extended by Shree Shyam Lighting. Further the guarantor informed that nothing has been paid till date and guarantor also informed that he had no knowledge about any legal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. Monica 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 Smt. Monica Bansal, Personal Guarantor to the Creditors of Orchid Textiles Private Limited on the following reasons: a. That the Application filed by Mrs. Monica Bansal, through Resolution Professional Sh. BISHWA RANJAN CHATERJEE (Resolution Professional) satisfies the requirement as set out in Section 94 of the Code; b. That the Corporate Debtor have committed default in repayment of Loan Facility granted by the aforesaid banks and/or financial institution. The same is evident from the fact that an application was also filed by Manju Gup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ho 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 104 shall prepare a list of creditors within 30 days from the date of the notice. The debtor shall prepare a repayment plan in consultation with the Resolution Professional as provided under Section 105 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 Authority within a period of 21 days from the last date of submission of claims, as provided under Section 106. 8. In case the Resolution Professional recommends ..... X X X X Extracts X X X X X X X X Extracts X X X X
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