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TMI Blog2022 (6) TMI 1434X X X X Extracts X X X X X X X X Extracts X X X X ..... ings in respect of any debt. Hence, the interim moratorium restrains any ongoing or fresh legal action or proceeding in respect of any debt pertaining to the Personal Guarantor. The application by IFCI was filed on 29 September, 2021, whereas, the application by SBI was filed on 09 July, 2021, which indicates that the interim moratorium against the personal guarantor commenced from 09 July, 2021. Application allowed. - SHRI RAJASEKHAR V.K., MEMBER (JUDICIAL) AND SHRI BALRAJ JOSHI, MEMBER (TECHNICAL) For the Financial Creditor : Mr. Om Narayan Rai, Advocate., Mr. Debasish Chakraborti, Advocate. For the Corporate Debtor : Mr. Mainak Bose, Advocate., Ms. Urmila Chakrabarty, Advocate., Mr. Pranav Sharma, Advocate . For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bench ).The Coordinate Bench vide its order dated 14 January, 2022 appointed Mr. Kannan Tiruvengadam, as the Resolution Professional ( RP ) and directed to file a report under section 99 of the Code. However, the order dated 14 January, 2022 was modified by an order dated 21 February, 2022 by the Coordinate Bench and the name of the RP was changed from Mr. Kannan Tiruvengadam to Mr. Tarun Kumar Ray. 6. Subsequently, the application filed by IFCI came up for hearing on 17 February, 2022 before this Adjudicating Authority, wherein a different Resolution Professional was appointed and directed to submit report. 7. As per under section 96(1)(b) of the Code during the interim moratorium period the creditors of the debtor shall not initiat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all legal actions or proceedings pending in respect of any debt shall remain stayed and creditors shall not initiate any legal action or proceeding in respect of any debt. 10. The presence of the term and in the section should be read as a conjunctive one, which joins clause 1(a) of the section with clause 1(b) and infers that interim moratorium commences against all the debts (including his personal debt) and the creditors of the debtor are barred from initiating any legal proceedings in respect of any debt. Hence, we are of the view that the interim moratorium restrains any ongoing or fresh legal action or proceeding in respect of any debt pertaining to the Personal Guarantor. 11. Further, the application by IFCI was filed on 29 S ..... X X X X Extracts X X X X X X X X Extracts X X X X
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