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TMI Blog2022 (10) TMI 249X X X X Extracts X X X X X X X X Extracts X X X X ..... Chd/Pb/2022 - - - Dated:- 20-9-2022 - Harnam Singh Thakur , Member ( J ) And Subrata Kumar Dash , Member ( T ) For the Appellant : Divya Sharma , Advocate JUDGMENT Harnam Singh Thakur , Member (J) 1. The petition is filed by Daljeet Singh Bedi (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. Puneet Fashions Private Limited ( Corporate Debtor/Principal Borrower ), who has extended personal guarantee to financial creditor namely, Indian Bank (Erstwhile Allahabad Bank) and other lenders. The corporate debtor had availed a loan of Rs. 120.00 crores from the Bank and to secure this debt Mr. Daljeet Singh Bedi extended his personal guarantee in favour of the Indian Bank (Erstwhile Allahabad Bank). The said personal gu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... presentation of the application by the Applicant/Personal Guarantor, this Adjudicating Authority after getting the report about the antecedents of insolvency professional, appointed the Resolution Professional Mr. Pawan Sharma, Registration No. IBBI/IPA-002/IP-N00772/2019-2020/12463 Phone No. 9814304159 Email: [email protected] vide order dated 21.03.2022 under Section 97 of the Code. At the same time, limited notice of this petition to the creditor(s) for presence has been issued on 21.03.2022 by this Adjudicating Authority, pursuant to the said order compliance affidavit has been filed vide Diary No. 01516/3 dated 11.04.2022, whereby, the notice is served upon all the creditors via speed post and email. The tracking report as obtained from India Post Website is attached as Annexure A-1 and email is attached as Annexure A-2 of the affidavit. It is to be noted that no objection/reply has been filed by any of the creditors. 5. 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. 424/2022 filed in CP (IB) No. 3/Chd/Pb/2022 recommending the admission of the application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Guarantor had informed the Resolution Professional that she has not filed any income tax returns since financial year 2011-2012 and is not maintaining any bank account. FOLLOWING OBSERVATIONS AND RECOMMENDATIONS HAVE BEEN MADE BY RESOLUTION PROFESSIONAL:- In view of the above facts and circumstances, I, Pawan Sharma, the Resolution Professional appointed by this Hon'ble Tribunal, vide order dated 21.03.2022 in C.P. (IB) No. 3/CHD/Pb/2022, 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 Mr. Daljeet Bedi, Personal Guarantor to the Corporate Debtor M/s. Puneet Fashions 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 in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... btor 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. 7. The Resolution Professional, Mr. Pawan Sharma, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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