9911796707
TMI Blog2024 (9) TMI 1606X X X X Extracts X X X X X X X X Extracts X X X X ..... r recovery of the amount - Petitioner has not produced and has suppressed from this Tribunal regarding the cases filed by the Respondent under Negotiable Instrument Act - HELD THAT:- The Demand Notice dated 07.03.2018, which is the basis of the default as claimed by the Appellant has been filed along with Application. The notice is addressed to Rutika Creation Pvt. Ltd, the Corporate Debtor and Ki ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... greement clause 11.6 restricts default only to arbitration. It is not agreed that the report submitted by the RP that the present application is maintainable as the guarantee has not been invoked in respect of the applicant. The report of the RP is found to be not satisfactory in examining the eligibility of the borrower to file under Sec 94 of IBC. In sequel to the above, the present application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as a guarantor to this agreement. The date of default of payment is 31.03.2018. Kotak Mahindra Bank has issued recall notice to guarantor on 07.02.2018 and demand notice on 07.03.2018. 3. On presentation of the application by the Applicant/ Personal Guarantor, this Authority vide order dated 26.07.2022 has appointed the Resolution Professional viz., Mr. Shah Rahul Nareshbhai, having Registration N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne through the report dated 08.12.2023 filed by the RP. 6. The Demand Notice dated 07.03.2018, which is the basis of the default as claimed by the Appellant has been filed along with Application. The notice is addressed to Rutika Creation Pvt. Ltd, the Corporate Debtor and Kiran Sanjaybhai Kanani, the other guarantor but not to the applicant. Therefore, in our considered view the guarantee was not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Under such circumstances, we do not agree with the report submitted by the RP that the present application is maintainable as the guarantee has not been invoked in respect of the applicant. The report of the RP is found to be not satisfactory in examining the eligibility of the borrower to file under Sec 94 of IBC. In sequel to the above, we are of the considered view that the present application ..... X X X X Extracts X X X X X X X X Extracts X X X X
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