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2024 (4) TMI 536 - Tri - Insolvency and BankruptcyScope of the Report of IRP - IRP was appointed on application under Section 94(1) - Proceedings against the Personal Guarantors to Corporate Debtor - Benefit of moratorium as contemplated under Section 96 of the IBC, 2016 - HELD THAT:- It is clearly established that the present application was filed by the debtor herein to thwart the recovery proceedings initiated by the sole Secured Financial Creditor who has obtained physical possession of the secured assets (coowned by the debtor herein) and to frustrate other proceedings under SARFAESI Act, the debtor came running and filed this application. It appears that the sole intention of the debtor herein is to enjoy the moratorium as contemplated under Section 96 of the IBC, 2016 which commences from the date the application is declared defect-free by the Registry of this Tribunal. The second reason which comes to mind at this stage is the order under Section 94(1) of the IBC, 2016 was issued by this Tribunal on 30.05.2022. Nearly one and half years have passed in further proceedings in the matter due to the stay by Hon’ble Supreme Court in the matter of DILIP B JIWRAJKA VERSUS UNION OF INDIA & ORS. [2024 (1) TMI 33 - SUPREME COURT] and in case the debtor was inclined towards any settlement of his debt with the Secured Financial Creditor, he had enough time to pay by way of restructuring plans, or otherwise, if any. No document has been placed before us by the debtor herein to show that he has taken any effective steps for settling the dues of the Secured Financial Creditor. Application allowed.
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