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2022 (1) TMI 565 - Tri - Insolvency and BankruptcyInitiation of CIRP Proceedings against the Personal Guarantor - Personal Guarantor has defaulted in payment of the dues within the statutory period of 14 days from the service of the demand notice - application has been filed through the Resolution Professional - HELD THAT:- It is clear that from the date of filing of this application i.e., 23.09.2021 by the Applicant, Interim Moratorium commences as stipulated under Section 96(1) of the Code in relation to all the debts of the Personal Guarantor. During the Interim Moratorium period: (i) any pending legal action or proceedings in respect of any debt shall be deemed to have been stayed; and (ii) the creditors of the debtor shall not initiate any legal action or proceedings in respect of any debt. As per Section 96(3) of the Code, the provisions of sub-section 96(1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. The Applicant is directed to serve the copy of this order along with copy of the Application and documents immediately on the Resolution Professional and the Insolvency and Bankruptcy Board of India and file proof of service including dispatch and delivery thereof. Also, a copy of this Order and Application shall be served on the Personal Guarantor for limited purpose of presence on the next date of hearing and to be informed about the commencement of moratorium. The Personal Guarantor is directed to cooperate with the Resolution Professional appointed hereunder and provide all relevant information to the concerned Resolution Professional. The Resolution Professional is directed to exercise all the powers as enumerated under Section 99 of the Code read with Rules made thereunder - List the matter for further proceedings in this case on 31.01.2022.
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