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2022 (3) TMI 280 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Personal Guarantor to the Corporate Debtor - existence of debt and dispute or not - service of demand notice - HELD THAT:- The Applicant had received a reply dated 09.07.2021, from the Personal Guarantor, being Mr. Vibu Venkat Subramanian, to the Demand Notice dated 24.06.2021. However, despite receipt of the notice dated 24.06.2021, the Personal Guarantor failed to make payment within 14 days from the date of receipt of the Demand Notice which falls on 12.07.2021. 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. State Bank of India, including interest, amounts to ₹ 43,38,58,364.80/-. Hence, the application is in order for proceeding as per the code. Application admitted - moratorium declared - List the matter for further proceedings in the case on 23.03.2022.
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