TMI Blog2022 (9) TMI 321X X X X Extracts X X X X X X X X Extracts X X X X ..... 69,00,000/- were sanctioned and disbursed. It is further observed that Mr. Vivek Prakash executed his personal guarantee against the said Overdraft Loan. Due to continuous defaults by the Corporate Debtor, the loan account became Non-Performing Asset on 31.07.2019. Further, CIRP was initiated against the Corporate Debtor vide order dated 10.02.2020 and further into liquidation vide order dated 16.02.2021. The Demand Notice dated 10.11.2021 in Form B was sent to the Personal Guarantor for payment of total outstanding net balance dues of Rs. 1,03,69,628/-. Neither any reply nor any payment was issued. It is also observed that notice was served to the Respondent vide order dated 04.02.2022 and again vide order dated 05.07.2022. Despite th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,03,69,628/- against the Corporate Debtor. 2. On presentation of the Petition CP(IB) No. 71(ND)/2022, by the Creditor, this Adjudicating Authority vide order dated 11.03.2022, appointed the Resolution Professional, Mr. Nirmal Kumar Bhesoni, as proposed by the Financial Creditor in the Part IV of Form C, having Registration No. IBBI/IPA-001/IP-P00010/2016-2017/10016, having e mail id: ipnirmalkumar@gmail.com and directed him to examine the application referred in Section 95 of the Code and file a report under Section 99 of the Code and the interim moratorium was commenced from the date of the filing of application as stipulated under Section 96 of the Code. The Report under Section 99 of the Code has been filed by him through IA/1406(ND ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,03,69,628/- uploaded at NeSL Information Utility in terms of section 99(3) of IBC, 2016. No express rebuttal/reply observed in orders of Hon'ble Tribunal, affording opportunity to Mr. Vivek Prakash for filing reply/objection against the present Application filed by Financial Creditor u/s. 95. Corporate Debtor's as well as Personal Guarantor's (Mr. Vivek Prakash) failure to discharge the balance outstanding dues of loan liability of Rs. 1,03,69,628/- against Applicant Financial Creditor. 3. The Respondent/Personal Guarantor has not filed any reply or written submissions. 4. We have gone through the documents placed on record and the averments made and heard the Learned Counsel for the Applicant/Resolution P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal Guarantor for payment of total outstanding net balance dues of Rs. 1,03,69,628/-. Neither any reply nor any payment was issued. We also observe that notice was served to the Respondent vide order dated 04.02.2022 and again vide order dated 05.07.2022. Despite the opportunity, the Respondent neither entered appearance nor filed any reply/written submissions. 5. Based on the above and the reasons recorded in the report submitted by the Resolution Professional, the Petition i.e., IB -71(ND)/2022, filed under the provisions of Section 95 of the Code, is hereby admitted in terms of Section 100 of the Code. The Insolvency Resolution Process is initiated against the Personal Guarantor and the moratorium is declared, which begins with the da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and other in Vernacular which have wide circulation in the State where the Personal Guarantor resides. The Resolution Professional shall furnish two spare copies of the notice to the Registry. One shall be placed by the Registry on this Authority's website and the other shall be affixed in the premises of this Authority. 7. The Resolution Professional in exercise of the powers conferred under Section 104 of the Code, shall prepare a list of creditors within 30 days from the date of the notice. The debtor shall prepare a repayment plan in consultation with the Resolution Professional as provided under Section 105, which shall include the provisions for payment of fee to the Resolution Professional. The Resolution Professional shall s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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