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2022 (6) TMI 498 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Personal Guarantors of the Corporate Debtor - amicable settlement arrived at between parties for repayment - HELD THAT:- This is a fit case for admission and proceed against the Personal Guarantors/ Respondents and initiate Corporate Insolvency Resolution Process. It is also seen from the report of Resolution Professional that he has not recommended for negotiation between the parties for arriving at an amicable settlement for repayment. Invoking Section 100 of IBC, 2016, the petition filed under the provisions of Section 95 of IBC, 2016 is admitted and the Insolvency Resolution Process against the Respondents/Personal Guarantors is initiated and moratorium in relation to all the debts is declared, from today i.e. date of admission of the application and shall cease to have effect at the end of the period of 180 days, or this Tribunal passes the order on the repayment plan under Section 114, whichever is earlier, as provided under Sec 101 of IBC, 2016 - application allowed.
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