TMI Blog2022 (2) TMI 205X X X X Extracts X X X X X X X X Extracts X X X X ..... CD, for initiation of CIRP proceedings, which was admitted by the Hon'ble Tribunal on 19.03.2019. Eventually, this Hon'ble AA, vide order dated 24.12.2020, was pleased to finally approve the Resolution Plan for the CD in terms of Section 31(1) of the Code. The Ld, Counsel for the applicant further submitted that a Demand Notice in Form B, under rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal Guarantors to Corporate Debtor) Rules, 2019, was issued by the Financial Creditor, i.e., DBS Bank India Limited on 21.01.2021, to the Personal Guarantor, in respect of the unpaid debt due from M/s. VIL Limited (Corporate Debtor), under rule 7(1) of the IBC Rules 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debt of ₹ 59,65,43,741/- (Rupees Fifty Nine Cores Sixty Five Lakhs Forty Three Thousand Seven Hundred Forty One), as on 07.07.2015, due from the Corporate Debtor, under rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors), Rules, 2019. 2. The Ld. Counsel for the Applicant states that the CD, availed the principal multiline working capital facilities which were renewed, revised and amended, from time to time, under various facility letters entered between the Bank and the CD. In the year 2010, the Bank had made available to the CD, working capital facilities aggregating up to ₹ 40,00,00,000/- (Rupees Forty Crores Only) on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ditions laid out in the Working Capital Consortium Agreement. As a result, the account of CD was declared as NPA on 07.07.2015. 6. It is further stated that, a section 7 application under the I B Code, 2016, was filed by M/s. ICICI Bank Limited against the CD, for initiation of CIRP proceedings, which was admitted by the Hon'ble Tribunal on 19.03.2019. Eventually, this Hon'ble AA, vide order dated 24.12.2020, was pleased to finally approve the Resolution Plan for the CD in terms of Section 31(1) of the Code. 7. The Ld, Counsel for the applicant further submitted that a Demand Notice in Form B, under rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on number IBBI/IPA-001/IP-P00204/2017-18/10393, email-ritu__rastogi@yahoo.co.in, Phone- 9810037450, for appointment as the Resolution Professional. No disciplinary proceedings are stated to be pending against her. Therefore, Ms. Ritu Rastogi, is appointed as the Resolution Professional, in exercise of powers conferred under Section 97 of the IBC, 2016 on this Authority, subject to Regulations 4(1) and (2) of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. 11. In this matter, the Resolution Professional, shall exercise all the powers, as enumerated under Section 99 of the Code, read with Rules made there under. She is directed to make the recommendations, along with reasons in writi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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