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2022 (6) TMI 1328 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Personal Guarantor to Corporate Debtor - section 95 of IBC - HELD THAT:- On the conjoint reading of the provisions show that Rule 10 of IBBI (application to Adjudicating Authority for Insolvency Resolution Process or Personal Guarantor to Corporate Debtor) Rules 2019, prescribed the procedure for filing of the application and documents under Chapter-III and Part-III of the application and as per the Rule 10 of the Adjudicating Authority Rules, the provisions of the NCLT Rules are applicable. The provisions referred to Rule 10 are relate to the presentation of the petition or appeal. On conjoint reading of the provisions shows that neither in Section 94 nor in Section 95, the word filing is referred. Rather in both the Sections 94 & 95, the word submitting an application is mentioned. The debtor or the creditor under Section 94 & 95 respectively may apply either personally or through Resolution Professional for initiating the Insolvency Resolution Process by submitting an application - in terms of the Section 96 of the IBC, 2016, when an application is filed under Section 94 & 95, an interim moratorium shall commence on the date of the application in relation to all the debts and shall cease to an effect on the date of admission of such application. Petition admitted - moratorium declared.
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