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2022 (4) TMI 604 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI 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:- Upon perusal of the Documents on record and the Report of the RP, the Bench is of considered view that the Personal Guarantee of the Respondent is continuing in nature. Further, the Respondent has neither disputed the Deed of Guarantee nor denied the outstanding claimed by the Applicant/Financial Creditor. Upon bare perusal of the Report filed by the RP, this Bench has gone through the observations made by the RP with respect to the examination of the Application. The Report of the RP has recommended the admission of the Application filed by the Financial Creditor against the Personal Guarantor. There is Guarantee given by the Personal Guarantor against the default made by the Corporate Debtor for payment of debt amount and the amount of default has been above the threshold limit. Therefore, we do not have any objection on record against the application filed for initiation of IRP against the Personal Guarantor to the Corporate Debtor. The Application is complete and has been filed under the proper form. The debt amount is more than Rupees One Thousand and the default of the Personal Guarantor to the Corporate Debtor has been established. Application admitted - moratorium declared.
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