TMI Blog2022 (8) TMI 502X X X X Extracts X X X X X X X X Extracts X X X X ..... notice has been served to the respondent/personal guarantor Ms. Ritu Bhatia by registered post, which was returned with the remark 'none resides'. It is further observed that vide the order dated 23.08.2021 of this Tribunal, notice was published in the Business Standard, Delhi Edition on 05.07.2022 as and by way of substituted service. It is made known to everyone 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt being the financial creditor was part of the COC holding 77.54% of the voting power. The Applicant further submits that the Corporate Debtor could not revived and the liquidation order was passed on 02.01.2020 under CA 1623/2019 and currently the liquidation process is ion going at an advanced staged. c) The applicant submits that consequent to the non-realization of the facility sanctioned to the Corporate Debtor and guaranteed by the respondent as one of the personal guarantors, the applicant had invoked the personal guarantee furnished and extended by the respondent alongside two other personal guarantors namely Mr. Girish Bhatia and Mr. Pran Nath Bhatia. d) The applicant submits that the applicant had issued a demand notice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal, notice was published in the Business Standard, Delhi Edition on 05.07.2022 as and by way of substituted service. 5. At this juncture, it is worthwhile referring to the Judgment of the Hon'ble NCLAT passed in the matter of Company Appeal (AT) (Insolvency) No. 316 of 2021- Mr. Ravi Ajit Kulkarni vs. State Bank of India, the Hon'ble NCLAT held: 42. However, considering the judgment of the Hon'ble Supreme Court in the matter of 'Swiss Ribbons', it appears to us that keeping principles of natural justice in view, limited notice of the application should be given to the Personal Guarantors of the Corporate Debtors. The limited notice has to be only to secure presence of the Personal Guarantor referring to the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notice to appear has been issued even if Debtor raises disputes on merit, the same may be adjudicated only after receipt of report from Resolution Professional under Section 99. Before that point of time the process is more of filing of application and collecting of evidence through a professional person like Resolution Professional. 44. In substance, once the application is filed (as per Section 95, 96 read with Rule 10) the Adjudicating Authority has to act on it, and following principles of natural justice, give limited notice to Personal Guarantor to appear referring to the Interim Moratorium that has commenced as per terms of Section 96. Then the next stage is of appointing Resolution Professional as per Section 97 read with Rul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ency and bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 hereby appoint Mr. Binod Kumar Singh, bearing Registration No. IBBI/IPA-001/IP-P02688/2022-2023/14108 having e-mail id. binod.adv@gmail.com, Resolution Professional in the instant matter. Mr. Binod Kumar Singh is directed to submit an undertaking that he is eligible to be appointed as a resolution professional in accordance with the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal Guarantors to Corporate Debtors) Rules, 2019 and there are no disciplinary proceedings pending against him. 8. The Resolution Professional Mr. Binod Kumar Singh shall exer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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