9911796707
TMI Blog2022 (2) TMI 460X X X X Extracts X X X X X X X X Extracts X X X X ..... r ORDER Ajay Kumar Vatsavayi, Member (J) 1. The present Application is filed by Mr. Mahendra Kumar Singhi (for brevity 'Applicant/Guarantor') through his counsel Mr. A.S. Sathish Kumar, under Section 94(1) of the IBC, 2016, r/w Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 134,51,04,794/-. Following the seizure, the corporate applicant operation came to a halt and consequently corporate applicant defaulted in meeting its financial obligations which resulted the financial creditors, Indian Bank and Vijaya Bank classifying the corporate applicant accounts as Non-Performing Assets on 30.04.2019 and 29.05.2019 and both these financial creditors initiated recovery procee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the corporate applicant is Rs. 2,32,27,14,954/- as on 30-11-2021. 6. Heard Mr. A.S. Sathish Kumar, learned Counsel for the Applicant/Guarantor. We have carefully perused the pleadings of the party and extant provisions of the Code, and the Rules made thereunder. 7. This Application has been filed by Mr. Mahendra Kumar Singhi, Applicant/Guarantor, under Section 94(1) of the Code, r/w Rule 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Code, the provisions of Sub-section 96(1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 9. It shall be noted that the appointment of the Resolution Professional under Section 97 of the Code is critical and essential for the Applicant but also to safeguard the assets of the Personal Guarantor in terms of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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