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2021 (6) TMI 320 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Corporate Guarantee - Respondent/Personal Guarantor has stood as a Guarantor in respect of the loans availed by the Principal Borrower - HELD THAT:- Immediately upon filing of the Application under Section 94 or 95 of IBC, 2016, this Adjudicating Authority is required to refer the matter to the Board viz. the Insolvency and Bankruptcy Board of India, for approving the name of the Resolution Professional. However, it is to be noted that, this Adjudicating Authority is required to satisfy itself, before referring to the Board the name of the Resolution Professional for its confirmation, as to whether the Application filed under Section 95 of IBC, 2016 satisfies the conditions as laid out in sub - section (4) of Section 95 of IBC, 2016. In relation to Section 95(4)(a), it is seen from the Application filed, that one M/s. Arohi Infrastructure Private Limited(hereinafter referred to as "Principal Borrower") availed financial facility from the Creditor herein to an extent of ₹ 50 Crore repayable within a period of 48 months. For the said facility, the Respondent herein viz. Mr. G. Ramakrishna Reddy stood as a Guarantor vide Deed of Guarantee Agreement dated 28.08.2011 and 28.09.2011 - In relation to Section 95(4)(b), it is seen that the Creditor has issued a Demand Notice on 04.02.2020 as per Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor), Rules, 2019, calling upon the Personal Guarantor to pay an amount of ₹ 232,60,41,491/-. Despite receipt of the Demand Notice on 08.02.2020, the Personal Guarantor has failed to repay the outstanding dues and continues to commit default till date - In relation to Section 95(4)(c), it is seen that the Creditor has filed the Final Award passed by the Learned Arbitrator on 13.07.2019 and that in the counter filed by the Respondent/Personal Guarantor he has not denied that the said sum is not payable. This Application filed under Section 95 of IBC, 2016 is complete and a perusal of Part - IV of the Application posits the fact that the Application has been moved by an Insolvency Professional, viz. Sripriya Kumar. Hence as per Section 97(2) of IBC, 2016 it is directed that the Board viz. The Insolvency and Bankruptcy Board of India, to confirm that there are no disciplinary proceedings pending against Resolution Professional, within a period of 7 days from the date of this order - The matter may be listed for further hearing on 15.06.2021, for awaiting confirmation from IBBI in this regard.
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