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2022 (9) TMI 321 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Personal Guarantor - Non-performing assets - existence of debt and dispute or not - Respondent neither entered appearance nor filed any reply/written submissions, despite two notices served - HELD THAT:- From the records of the Petition, it is observed that the Corporate Debtor availed the Overdraft Loan facility and executed the Loan Application Form dated 18.02.2019 and further executed Loan Agreement, Documentation and Security Kit on behalf of the Corporate Debtor on 06.03.2019. Consequently, Rs. 69,00,000/- were sanctioned and disbursed. It is further observed that Mr. Vivek Prakash executed his personal guarantee against the said Overdraft Loan. Due to continuous defaults by the Corporate Debtor, the loan account became Non-Performing Asset on 31.07.2019. Further, CIRP was initiated against the Corporate Debtor vide order dated 10.02.2020 and further into liquidation vide order dated 16.02.2021. The Demand Notice dated 10.11.2021 in Form B was sent to the Personal Guarantor for payment of total outstanding net balance dues of Rs. 1,03,69,628/-. Neither any reply nor any payment was issued. It is also observed that notice was served to the Respondent vide order dated 04.02.2022 and again vide order dated 05.07.2022. Despite the opportunity, the Respondent neither entered appearance nor filed any reply/written submissions. The Petition filed under the provisions of Section 95 of the Code, is hereby admitted in terms of Section 100 of the Code. The Insolvency Resolution Process is initiated against the Personal Guarantor and the moratorium is declared, which begins with the date of admission of the Petition - Petition admitted.
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