2022 (5) TMI 1207

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..... 1. The instant application has been filed by 'Mr. Amrit Kumar Patel' under Section 94 read with section 122 of the Insolvency and Bankruptcy Code, 2016 under rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors), Rules, 2019 (for brevity "Rules") for initiation of Insolvency Resolutio .....

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..... uarantors of corporate debtor. OA No. 235/2014 under Section 19 of RDD&FI before Hon'ble DRT-I, Delhi against the Corporate Debtor and the personal guarantors including applicant. c. Thereafter, the loan account of Corporate Debtor was assigned to Respondent No. 1, i.e. Phoenix ARC Private Limited. The DRT-I on 31.05.2019 decided the OA 235/2014 against the corporate debtor and personal guar .....

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..... proceedings are also pending for recovery by respondent no. 2 us 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and issuance of interim moratorium u/s. 96 of the Code would defeat the purpose of all the recovery proceedings. It is also pointed out that notice to arrest has already been issued against the applicant on 14.09.2020 and the present application is an attempt .....

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..... paid the application filed u/s. 94 is maintainable. 6. We have heard the Ld. Counsel for the parties and perused the case records. Hon'ble NCLAT in the matter of Hytone Merchants Private Limited Versus Satabadi Investment Consultants Private Limited, Company Appeal (AT) (Insolvency) No. 258 of 2021, has observed as follows: "45. Based on the above discussion, we believe that even if the pet .....

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..... In view of the facts of the present case it is apparent that the present application is filed only to misuse the protection of interim moratorium u/s. 96 of the Code. 9. Resultantly, we are not inclined to admit the application filed by the applicant, therefore, the application is rejected. Let copy of the order be served to the parties. Consign the case records to the record room.
Case law .....

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