9911796707
TMI Blog2024 (2) TMI 1523X X X X Extracts X X X X X X X X Extracts X X X X ..... LD THAT:- The issue/objections raised by the Ld. Counsel for the Personal Guarantor will be considered after the submission of the report by the Resolution Professional and response of the Personal Guarantor on the same. Shri Ram Ratan Kanoongo, as proposed by the Financial Creditor in Part-IV of the Form-C, who is registered with IBBI as Insolvency Professional having Registration No. IBBI/IPA-0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o initiate Insolvency Resolution Process in respect of Mr. Farooq Ali Khan ("the Personal Guarantor") for a default of amount of Rs. 2,58,60,17,543.61/-. 2. It is stated that the Petitioner has separately filed the recovery application being O.A No. 629 of 2021 before the Debt Recovery Tribunal-I Bengaluru and the same is pending. The Personal Guarantor has not paid the outstanding amount an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ........... iv............. v......... vi. No judicial determination takes place until the Adjudicating Authority decides under Section 100 whether to accept or reject the application. The report of the resolution professional is only recommendatory in nature and hence does not bind the adjudicatory authority when it exercises its jurisdiction under Section 100. vii. The adjudicatory a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20.12.2021 which is annexed as Exhibit -18 of the petition. The fee payable to RP shall be in accordance with the IBBI Regulations/Circulars/ Directions issued in this regard. 8. The Resolution Professional shall examine the Application within ten days from the date of his appointment and submit its report to the Adjudicating Authority recommending for approval or rejection of the Application as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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