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TMI Blog2022 (6) TMI 498X X X X Extracts X X X X X X X X Extracts X X X X ..... ns have been filed by the Petitioners /Creditors State Bank of India under Section 95 (1) of the Insolvency and Bankruptcy Code, 2016 (I&B Code,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 against them. This application has been filed through an 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 Process pursuant to the order of this Tribunal dated 09.04.2021 in IBA/41/KOB/2020. 3. The erstwhile State Bank of Travancore (SBT) granted credit facilities of Rs.1,00,00,000/- had on 29.03.2006 to the Corporate Debtor by way of a sanction letter and Agreement of Loa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tee/supplemental deed of Guarantee on 29.03.2006, 23.03.2010 and 16.07.2011, the Personal Guarantors guaranteed the repayment of all money payable by the Corporate Debtor to the Creditor in respect of the above credit facilities together with interest thereon, and all cost and expenses in terms of the Loan Documents. It is further stated that due to the default committed by the Corporate Debtor, the Loan Accounts became NPA on 28.05.2018. 5. It is stated that the Creditors have issued a demand notice under Section 13(2) of the SARFAESI Act on 07.01.2019 to the Corporate Debtor and Guarantors, by invoking the personal guarantee, directing them to discharge the then liability of Rs. 12,19,17,748/- within 60 days from the date of the said notice, However, the Corporate Debtor and Personal Guarantors failed to repay the outstanding liabilities. The Creditors have also filed Original Application No.222 of 2020 before the Debts Recovery Tribunal on 13.05.2020 for the recovery of Rs.11,96,24,730/- as on 29.11.2019 with future interest, costs and charges. Subsequently from 29.03.2018 to 31.03.2020 the Corporate Debtor has remitted to the Bank an amount of Rs.2,89,34,033/-towards the loan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its that State Bank of India, the Petitioner herein, has annexed the documents evidencing the debts owed by the Petitioner to Personal guarantors. In accordance with Section 95 (4) (b) of the Code, the Application is required to be accompanied with details and documents evidencing the failure by the debtor to pay the debt within a period of fourteen days of service of the Notice of Demand: In response to the said query, the Resolution Professional submits that the Petitioner, had issued a issued a Demand Notice dated 08.11.2021 to the Respondent herein in order to realize the dues of the Petitioner herein qua the Credit Facilities availed by the Corporate Debtor. The said Demand Notice has been annexed with the said Petition at Annexure - A/2. In accordance with Section 95 (4) (c) of the Code, the application is required to be accompanied with details and documents evidencing the default or non-repayment of debt: In response to the said query, the Resolution Professional submits that the Petitioner, has annexed the Statement of Accounts which depict that no payment of debt has been made by the Respondent, after the Demand Notice was issued by the Petitioner. The statement of acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rough the reports dated 01.04.2022 filed by the Resolution Professional. 13. While going through the averments in the CP(IB)s, the reply of Respondents after the report of the Resolution Professional as also the report of Resolution Professional narrated above, we are of the considered opinion that this is a fit case for admission and proceed against the Personal Guarantors/ Respondents and initiate Corporate Insolvency Resolution Process. It is also seen from the report of Resolution Professional that he has not recommended for negotiation between the parties for arriving at an amicable settlement for repayment. Hence, invoking Section 100 of IBC, 2016, we admit CP(IB)/7/KOB/2022 to CP(IB)14/KOB/2022 filed under the provisions of Section 95 of IBC, 2016 and initiate the Insolvency Resolution Process against the Respondents/Personal Guarantors and moratorium in relation to all the debts is declared, from today i.e. date of admission of the application and shall cease to have effect at the end of the period of 180 days, or this Tribunal passes the order on the repayment plan under Section 114, whichever is earlier, as provided under Sec 101 of IBC, 2016. During the moratorium perio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s business or trade on his behalf or in his name; or (b) realise the assets of the debtor; or (c) administer or dispose of any funds of the debtor. The repayment plan shall include the following, namely; - (a) justification for preparation of such repayment plan and reasons on the basis of which the creditors may agree upon the plan; (b) provision for payment of fee to the Resolution Professional; (c) such other matters as may be specified. 17. The Resolution Professional shall submit the repayment plan along with his report on the plan to this Authority within a period of 21 days from the last date of submission of claims, as provided under Section 106. 18. In case the Resolution Professional recommends that a meeting of the creditors is not required to be called, he shall record the reasons therefor. If the Resolution Professional is of the opinion that a meeting of the creditors should be summoned, he shall specify the details as provided under Section 106(3) of IBC, 2016. The date of the meeting should not be less than 14 days or more than 28 days from the date of submission of the Report under Sub- Section (1) of Section 106 of IBC, 2016, for which at least 14 day ..... X X X X Extracts X X X X X X X X Extracts X X X X
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