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2022 (4) TMI 568 - NATIONAL COMPANY LAW TRIBUNAL , BENGALURU BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Personal Guarantors to Corporate Debtors - existence of debt and dispute or not - HELD THAT:- From the report of the Resolution Professional there does not appear any request for issuance of any direction for the purpose of conducting negotiations between the Financial Creditor and the Personal Guarantor for arriving at the repayment plan - On 22.03.2022, the Hon'ble Tribunal observed that on 20.01.2022, the Tribunal has granted three weeks' time to the Personal Guarantor for filing his reply, if any, for the report of the RP, failing which, his right to file a reply stands forfeited. In spite of the above order, the Respondent has not chosen to file reply and in the result his right for filing the reply is forfeited. Hence, based on the reasons recorded in the report submitted by the Resolution Professional, the application i.e., CP (IB) No. 76/BB/2021 filed under Section 95 of IBC, 2016 is hereby admitted under Section 100 of the IBC, 2016. The Insolvency Resolution Process is initiated against the Respondent/Personal Guarantor and moratorium is declared in place of interim moratorium, which begins with the date of admission of the application and shall cease to have effect at the end of the period of 180 days, as provided under Sec 101 of IBC, 2016. Petition admitted - moratorium declared.
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