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2021 (3) TMI 1260 - Tri - Insolvency and BankruptcyAppointment of Resolution Professional - Initiation of personal insolvency against the Personal Guarantor of the Corporate Debtor by Resolution Professional - Section 95 of I&B Code - HELD THAT:- The Bench, after hearing the Petitioner, notes that the Corporate Guarantor has not filed any submissions and on the date of hearing there was no representation from the side of the Respondent, i.e., the Personal Guarantor. Based on the submissions made by the Applicant and the documents produced and placed on record before this Bench, the Bench has no doubt in its mind that there is a ‘default’ on the part of the Personal Guarantor by not fulfilling the debt owed to the Corporate Debtor, i.e., Pratibha Industries Limited as per the Deed of Guarantee entered between the parties through the Deed of Guarantee dated 10.03.2017 - This Bench “Allows” the Application filed by Mr. Ram Ratan Kanungo, Insolvency Resolution Professional on behalf of State Bank of India, the Financial Creditor, under Section 95 of the Insolvency & Bankruptcy Code, 2016 read with Rule 7 of the IBC Rules 2019 against Mr. Ravi Ajit Kulkarni, the Personal Guarantor of the Corporate Debtor, M/s. Pratibha Industries Limited in CP No. 1189/2020. The Interim Moratorium as per Section 96(1) of the Code has commenced from the date of filing of Application by the Financial Creditor, i.e.,25.01.2021. The Bench notes that the appointment of Resolution Professional under Section 97 of the Code is critical and essential not only for the Applicant but also to safeguard the assets of the Personal Guarantor in terms of the provisions of the Code. Since the present Petition has been filed through the Resolution Professional, Mr. Ram Ratan Kanoongo, bearing Registration No. IBBI/IPA-001/IP-P00070/2017-18/10156, this Bench confirms the appointment of the Resolution Professional in the matter. In this matter, the Resolution Professional, Shri Ram Ratan Kanoongo, shall exercise all the powers as enumerated under Section 99 of the Code read with Rules made there under - List the matter for further proceedings in the case on 15.04.2021.
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