9911796707
TMI Blog2022 (5) TMI 83X X X X Extracts X X X X X X X X Extracts X X X X ..... with rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019 (hereinafter referred to as "IB Rules, 2019"). The prayer made is to initiate the Insolvency Resolution Process (hereinafter referred to as "IR Process") against Mr. Jai Kumar Goyal, one of the Directors of M/s. BRG Iron & Steel Co. Pvt. Ltd., (hereinafter referred to as "BRG") having CIN: L27101WB2002PTC095499, who is the Personal Guarantor of Central Bank of India (hereinafter referred to as "the Bank") in relation to the credit facilities extended by the Bank in favour of "BRG". 3. On presentation of the application by the applicant Bank, the Adjudicating Autho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncy Resolution Process is initiated against the respondent and the moratorium is declared, which begins with the date of admission of the application and shall cease to have effect at the end of the period of 180 days, as provided u/s. 101 of IBC, 2016 or until this Adjudicating Authority approves the repayment plan under sub-section (1) of section 114 of the Code. During the moratorium period:- (a) Any pending legal action or proceeding in respect of any debt of the personal guarantor shall be 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; and (c) The personal guarantor shall not transfer, alienate, encumber, or dispose of any of h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which shall include the provisions for payment of fee to the Resolution Professional. The Resolution Professional shall submit the repayment plan along with his report on the plan to this Adjudicating Authority within a period of twenty one days from the last date of submission of claims, as provided u/s. 106 of the IBC, 2016. 7. In case the Resolution Professional recommends that a meeting of the creditors is not required to be summoned, he shall record the reasons therefor. If the Resolution Professional is of the opinion that the meeting of the creditors should be summoned, he shall specify the details as provided u/s. 106(3) of the IBC, 2016. The date of meeting should not be less than 14 days or more than 28 days from the date of sub ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
