9911796707
TMI Blog2022 (4) TMI 371X X X X Extracts X X X X X X X X Extracts X X X X ..... de, 2016) read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019(Personal Guarantors Insolvency Rules) against the Personal Guarantors of the Corporate Debtor M/s. Orma Marble Palace Private Limited, for initiating Insolvency Resolution Process, through the Insolvency Professional Mr. Easwara Pillai Kesavan Nair. In part IV of these petitions the Creditors (State Bank of India) have duly authorized Mr. Easwara Pillai Kesavan Nair to file these petitions before this Tribunal. The brief facts leading to the present petitions are as under:- 2. The Corporate Debtor is undergoing Corporate Insolvency Resolution Proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecuted Deed of Guarantees/supplemental deed of Guarantee on 29.03.2006, 23.03.2010, 16.07.2011 and 02.01.2015. The Respondent/Personal Guarantor in CP(IB)/09/KOB/2022, Mr. Laji Joseph has executed Deed of Guarantees/supplemental deed of Guarantee on 29.03.2006, 23.03.2010 and 16.07.2011. The Respondent/Personal Guarantor in CP(IB)/10/KOB/2022, Smt. Jerly Lijo has executed Deed of Guarantees/supplemental deed of Guarantee on 29.03.2006, 23.03.2010 and 16.07.2011. The Respondent/Personal Guarantor in CP(IB)/11/KOB/2022, Smt. Preethy Aljo has executed Deed of Guarantees/supplemental deed of Guarantee on 29.03.2006, 23.03.2010, 16.07.2011 and 02.01.2015. The Respondent/Personal Guarantor in CP(IB)/12/KOB/2022, Mr. Lijo Joseph has executed Deed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20 the Corporate Debtor has remitted to the Bank an amount of Rs. 2,89,34,033/- towards the loan account. 6. It is stated that the Petitioners/Creditors have offered an OTS proposal on 23.10.2020, however, the Corporate Debtor did not accept the proposal. Despite granting sufficient opportunity, the Corporate Debtor and the Personal Guarantors failed to repay the outstanding dues. Hence, the total outstanding as on 09.04.2021 under the Laon Account No. 57060108229 is Rs. 12,80,02,003/- (Rupees Twelve Crores Eighty Lakhs Two Thousand and Three Only). FINDINGS 7. We have heard learned counsel for the Petitioners/Creditors and have perused the whole case records including the documents appended thereto. 8. For considering these petitions i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation referred to in sub-section (1) shall be in such form and manner and accompanied by such fee as may be prescribed. (7) The details and documents required to be submitted under sub-section (4) shall be such as may be specified." 9. In view of the above provision and that the Petitioners have complied with Section 95(4) quoted above, that the demand notices dated 08.11.2021 have been served to the Respondents/Personal Guarantors and that the Respondents/Personal Guarantors failed to make the payment, we have come to the conclusion that there is a default on the part of the Respondents/Personal Guarantors by not fulfilling the debts owed to the Creditor Bank as per the clauses contained in the Consent Terms in respect of the outstandi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Bankruptcy Board of India (IBBI) Regulations/Circulars/Directions issued in this regard. V. That this Bench also directs that an advance payment of Rs. 2,00,000(Rupees Two Lakhs only) to be paid by the Petitioners/Creditors to the Resolution Professional (RP) immediately to initiate the process. This amount cannot be treated as the fee of the Resolution Professional. The fee of the Resolution Professional shall be as per the guidelines of IBBI. VI. The Resolution Professional, shall exercise all the powers as enumerated under Section 99 of the Code read with Rules made thereunder. He is directed to make the recommendations with reasons in writing for acceptance or rejection of this Application within ten days from the date of receipt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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