TMI Blog2021 (3) TMI 1246X X X X Extracts X X X X X X X X Extracts X X X X ..... . (IB)-116(ND)2021 - - - Dated:- 22-3-2021 - Abni Ranjan Kumar Sinha and L.N. Gupta, JJ. For Appellant: Ashwini Kumar Singh, Advocate ORDER L.N. Gupta, j. 1. Under consideration is the Application preferred by M/s. Siemens Financial Services Pvt. Ltd. (the 'Applicant/Financial Creditor'), under Section 95 (1) r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019. The present Application is filed for initiating the Insolvency Resolution Process (the IR Process ) against Mr. Vinod Sehwag (hereinafter, referred as Personal Guarantor/Debtor), who is the Guarantor of M/s. Xalta Food Beverages Private Limited (the ' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t that the Corporate Debtor has failed to repay the said loan on the its due dates and, therefore, the account was declared as NPA on 18.06.2018. 8. It is further submitted by the Applicant that this Adjudicating Authority vide Order dated 25.07.2018 has initiated CIR Process by admitting an Application filed under Section 9 of IBC 2016, registered as (IB)-702(ND)/2018 in the matter of Sole Proprietor Nand Kishore Gautam Vs. Xalta Food and Beverages Pvt. Ltd. 9. That during the course of hearing on 24.02.2021, this Bench had asked the Applicant to place on record the facts as to when did it file the claim before the RP in the matter in which CIRP has been initiated against the Corporate Debtor. 10. That the Applicant in compliance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deemed to have been stayed; and (b) The Creditors of the personal guarantor shall not initiate any legal action or proceedings in respect of any debt. This shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 14. The Applicant/Creditor has proposed the name of Mr. Amit Ojha, Insolvency Professional, for appointment as Resolution Professional, who has accepted to be appointed and declared that he is eligible to be appointed and that no disciplinary proceedings are pending against him. Therefore, Mr. Amit Ojha is appointed as the Resolution Professional in exercise of the powers conferred under Section 97 of the IBC, 2016 on this Authority sub ..... X X X X Extracts X X X X X X X X Extracts X X X X
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