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2022 (2) TMI 205 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - NPA - Personal Guarantors to Corporate Debtors - existence of debt and dispute or not - HELD THAT:- While availing the aforesaid loan/credit facilities, the CD did not maintain financial discipline and miserably failed to adhere to the terms and conditions laid out in the Working Capital Consortium Agreement. As a result, the account of CD was declared as NPA on 07.07.2015 - It is further stated that, a section 7 application under the I & B Code, 2016, was filed by M/s. ICICI Bank Limited against the CD, for initiation of CIRP proceedings, which was admitted by the Hon'ble Tribunal on 19.03.2019. Eventually, this Hon'ble AA, vide order dated 24.12.2020, was pleased to finally approve the Resolution Plan for the CD in terms of Section 31(1) of the Code. The Ld, Counsel for the applicant further submitted that a Demand Notice in Form B, under rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal Guarantors to Corporate Debtor) Rules, 2019, was issued by the Financial Creditor, i.e., DBS Bank India Limited on 21.01.2021, to the Personal Guarantor, in respect of the unpaid debt due from M/s. VIL Limited (Corporate Debtor), under rule 7(1) of the IBC Rules 2019. It is pertinent to mention that as per part-III of Form-C, the total debt from the personal guarantor, by way of personal guarantee given to M/s. DBS Bank India Limited, including interest, amounts to ₹ 59,65,43,741/- - It is made known to everyone that on the date of filing this Application by the Applicant/Creditor, the interim-moratorium commences, as stipulated under Section 96(1)(a), in relation to all the debts of the personal guarantor and shall cease to have effect on the date of admission of this Application and during the interim-moratorium period, few actions were prohibited. List the matter for further proceedings in the case on 21.02.2022.
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