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2022 (7) TMI 1068 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Personal Guarantors to Corporate Debtor - existence of debt and dispute or not - HELD THAT:- The Principal Borrower "AGEPL" and guarantor had approached the applicant seeking grant of various Credit Facilities. On the representations made by the "AGEPL", the Applicant had extended various Credit facilities from time to time for its business purpose. As per the Credit Facilities, "AGEPL" was obliged to repay the principal sum of Credit along with interest thereon in accordance with repayment schedule as set out in the agreements - For the Credit facilities, Deed of Guarantee was executed by the respondent-personal guarantor towards security for due repayment of the loans and advances granted to principal debtor with interest, cost and expenses from time to time. The "AGEPL" and the respondent/personal guarantor had failed and/or neglected to make payment as per terms of the said Agreements. That due to failure of the Corporate Debtor to comply the terms and conditions of the loan accounts, the said loan accounts have been classified as NPA as per the guidelines of RBI. The personal guarantor, viz., Mr. Pratyush Kumar Sureka, had executed several personal guarantees lastly on 22.10.2013 in favour of the Applicant to secure the repayment of the principal amount of the Credit Facilities together with all interest, additional interest, liquidated damages, premium on repayments, reimbursement of all costs, charges and expenses and all other obligations payable by "AGEPL" in respect of the Facility Agreements. The Applicant on 15.07.2021 has issued a Demand Notice in Form B under Rule 7(1) of the IB Rules, 2019 demanding Rs. 25,05,78,059.60/- along with unapplied interest, other charges and costs till repayment in full. The applicant prays for initiation of insolvency resolution process, against the respondent/personal guarantor - It is made known to everyone that on filing this Application by the Applicant/Creditor the interim-moratorium commences in terms of section 96(1)(a) of IBC, 2016. List this matter on 16.08.2022.
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