9911796707
TMI Blog2022 (8) TMI 502X X X X Extracts X X X X X X X X Extracts X X X X ..... the Insolvency Resolution Process (the "IR Process") against Ms. Ritu Bhatia ('Personal Guarantor'), Partner at Montesa Motors LLP. 2. The brief facts of the case leading to filing of this application as averred by the applicant are as follows: a) The applicant submits that the applicant extended and sanctioned loan facility of Dealer Wholesale Financing Agreement dated 02.08.2016 to M/s. Rain Automotive India Private Limited ('Corporate Debtor') wherein the Respondent stood as one of the personal guarantors and to that effect had executed a 'Deed of Guarantee' dated 02.08.2016 in favor of the Applicant. b) The applicant submits that Corporate Insolvency RESOLUTION Process was initiated against the Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e return of the said notice dated 26.08.2020. The applicant further submits that no response has been received by the applicant. 3. We have heard Ld. Counsel for the applicant and perused the averments made in the application filed by the financial creditor. The relevant documents annexed with the application and the affidavits of service placed on record have been examined. We observe that prima facie, the respondent has committed default in making repayment of the loan amount of Rs. 2,59,70,606/- for which the respondent has given personal guarantee to the applicant financial creditor on the behalf of the corporate debtor. 4. We observe that the demand notice has been served to the respondent/personal guarantor Ms. Ritu Bhatia by regist ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idence." 43. The Appellant is himself criticizing the impugned order claiming that the Adjudicating Authority has already recorded finding that the Personal Guarantor has committed a default and thus the Resolution Professional cannot while examining the application under Section 99 give a contrary opinion. At the same time, the Learned Senior Counsel for the Appellant has tried to submit that before appointment of Resolution Professional the Personal Guarantor should be able to show that the debt is not due or that it is not payable. This is contradiction. In our view, the stage for examining merits of the Application would be Section 100 of IBC. To prevent abuse of process of double hearings, first on merit before appointment of Resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... one that from the date of filing this Application (08.03.2021) by the Applicant/Financial Creditor, the interim-moratorium commences as is stipulated under Section 96(1)(a) of the Code, 2016 in relation to all the debts of the personal guarantor and shall cease to have effect on the date of admission of this Application and during the interim-moratorium period the following are prohibited: a. Any legal action or proceeding pending 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. 7. Since, the appointment of Resolution Professional under Section 97 of the Code is critical and esse ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
