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2022 (5) TMI 83 - Tri - Insolvency and BankruptcyMaintainability of application - initiatiion of CIRP - Seeking to initiate CIRP, against Mr. Jai Kumar Goyal, one of the Directors of M/s. BRG Iron & Steel Co. Pvt. Ltd., who is the Personal Guarantor of Central Bank of India, in relation to the credit facilities extended by the Bank in favour of "BRG" - Financial Creditors - existence of debt and dispute or not - HELD THAT:- There does not appear to be any request of the Resolution Professional for issuance of the instructions for the purpose of conducting negotiations between the debtor and creditors for arriving at the repayment plan. Therefore, based on the reasons recorded in the report submitted by the Resolution Professional, the application, filed under the provisions of section 95 of the IBC, 2016 is hereby admitted under section 100 of the IBC, 2016. The Insolvency Resolution Process is initiated against the respondent and the moratorium is declared, 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 u/s. 101 of IBC, 2016 or until this Adjudicating Authority approves the repayment plan under sub-section (1) of section 114 of the Code. The Insolvency Resolution Process stands initiated against the debtor/Personal Guarantor - Application admitted - moratorium declared.
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