TMI Blog2021 (9) TMI 1443X X X X Extracts X X X X X X X X Extracts X X X X ..... BC)/19/KOB/2021 - - - Dated:- 27-9-2021 - Mr. Rajesh Sharma Hon ble Mr. Ashok Kumar Borah,Member (Technical) Member(Judicial) For the Petitioner:-Sunil Shankar, Advocate For the Respondent: Shri. Akhil Suresh, Advocate (except CP(IBC)/14/KOB/2021 and CP(IBC)/18/KOB/2021) ORDER Per: Ashok Kumar Borah, Member (Judicial) Since common issues and laws are involved in all the applications, they have been taken up together and a common order is passed in these cases. CP(IBC)/13/KOB/2021 2. This Petition has been filed by the Petitioner /Creditor M/s. J M Financial Asset Reconstruction Company Limited 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 Mrs.Reena Paul , Personal Guarantor of the Corporate Debtor M/s. Unitek Power Solutions India Limited, for initiating Insolvency Resolution Process. The brief facts leading to the present petition are as under: - 3. The Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nly) as on 31.05.2021. The Corporate Debtor failed to make good its debt obligations and the account was classified as a non-performing asset (NPA) in the books of accounts of the Bank as per the extant guidelines of Reserve Bank of India. The loans availed was secured by way of a charge over certain properties belonging to some of the Guarantors/ Co-obligators. The financial facilities were secured by one of the Guarantors i.e., Mrs. Susan Zachariah (Respondent) by executing several agreements of guarantee on various occasions. 8. The Respondent undertook to unconditionally and irrevocably pay the Bank on demand the amount without protest in the event of default by the Corporate Debtor, nevertheless her liability under the guarantee shall not exceed on the whole sum of Rs. 18,00,00,000/-(Rupees Eighteen Crores Only) apart from all other expenses. 9. Hence, Mrs. Susan Zachariah, in the capacity of personal guarantor is liable to pay to the Petitioner herein for the default committed by the Corporate Debtor, in accordance with the guarantee agreement dated 20.11.2008, and 27.02.2010. CP(IBC)/15/KOB/2021 10. This petition has been filed by the Petitioner/Creditor M/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 (Personal Guarantors Insolvency Rules) against Mrs. Annu Mathew Personal Guarantor of the Corporate Debtor M/s. Unitek Power Solutions India Limited , for initiating Insolvency Resolution Process. The brief facts leading to the present petition are as under: - 15. The Corporate Debtor, M/s. Unitek Power Solutions India Limited availed credit facilities from the Federal Bank Limited, viz. Cash Credit, Bank Guarantee, Term Loan (IPS). The amount of default is Rs. 38,56,65,007,80/- (Rupees Thirty-Eight Crore Fifty-Six Lakhs and Sixty-Five Thousand and Seven and paisa Eighty Only) as on 31.05.2021. The Corporate Debtor failed to make good its debt obligations and was the amount classified as a non performing asset (NPA) in the books of accounts of the Bank as per the extant guidelines of Reserve Bank of India. The loans availed was secured by way of a charge over certain properties belonging to some of the Guarantors/ Co obligators. The financial facilities were secured by one of the Guarantors i.e., Mrs. Annu Mathew (Respondent) by executing several agreements of guarantee on various occasion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) apart from all other expenses. 21. Hence, Mr. Mathew John, in capacity of personal guarantor is liable to pay to the Petitioner herein for the default committed by the Corporate Debtor, in accordance with the guarantee agreement dated 15.03.2008, 28.06.2008, 20.11.2008 and 27.02.2010. CP(IBC)/18/KOB/2021 22. This Petition has been filed by the Petitioner/Creditor M/s. J M Financial Asset Reconstruction Company Limited 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 Mr. Korah John Personal Guarantor of the Corporate Debtor M/s. Unitek Power Solutions India Limited , for initiating Insolvency Resolution Process. The brief facts leading to the present petition are as under: - 23. The Corporate Debtor, M/s. Unitek Power Solutions India Limited availed credit facilities from the Federal Bank Limited, viz. Cash Credit, Bank Guarantee, Term Loan (IPS). The amount of default is Rs. 38,56,65,007,80/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the extant guidelines of Reserve Bank of India. The loans availed was secured by way of a charge over certain properties belonging to some of the Guarantors/ Coobligators. The financial facilities were secured by one of the Guarantors i.e., Mr. K.G. Paul (Respondent) by executing several agreements of guarantee on various occasions. 28. The Respondent undertook to unconditionally and irrevocably pay the Bank on demand the amount without protest in the event of default by the Corporate Debtor, nevertheless her liability under the guarantee shall not exceed on the whole sum of Rs. 18,00,00,000/-(Rupees Eighteen Crores Only) apart from all other expenses. 29. Hence, Mr. K. G. Paul, in the capacity of personal guarantor is liable to pay to the Petitioner herein for the default committed by the Corporate Debtor, in accordance with the guarantee agreement dated 20.11.2008 and 27.02.2010. 30. The amount of default is Rs. 38,56,65,007,80/-(Rupees Thirty-Eight Crore Fifty-Six Lakhs and Sixty-Five Thousand and Seven and paisa Eighty Only) as on 31.05.2021. By way of registered assignment Agreement dated 26.03.2013, the financial assets of Corporate Debtor along with all the rights, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this Tribunal decided to appoint a Resolution Professional from the IBBI list, to which the learned counsel for Petitioners have not objected to. On 27.09.2021 the learned counsel for the Respondents filed counter in CP(IBC)/13/KOB/2021, CP(IBC)/15/KOB/2021 and FINDINGS 34. We have heard learned counsel for the Petitioners and the learned counsel for the Respondents/Personal Guarantors in which they are appearing and have perused the whole case records including the documents appended thereto. 35. In this connection it is profitable to quote Section 95 of I B Code,2016: - (1)A creditor may apply either by himself, or jointly with other creditors, or through a resolution professional to the Adjudicating Authority for initiating an insolvency resolution process under this section by submitting an application. (2) A creditor may apply under sub-section (1) in relation to any partnership debt owed to him for initiating an insolvency resolution process against- (a) any one or more partners of the firm; or (b) the firm. (3) Where an application has been made against one partner in a firm, any other application against another partner in the same firm shall be presen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng pending in respect of any debt shall be deemed to have been stayed; and (b) the creditors of the debtor shall not initiate any legal action or proceedings in respect of any debt. IV. This Tribunal appoints Mr. Francis Mathew , an Insolvency Resolution Professional having Registration No: IBBI/IPA-001/IP-P00995/2017- 2018/11642, residing at 38/1614, Kannanthodath Lane, Edappally, Kochi, Ernakulam, Kerala 682 024 as the Resolution Professional, to carry out the functions as mentioned under the Insolvency and Bankruptcy Code, 2016. The fee payable to the Resolution Professional (RP) shall be in accordance with the Insolvency and Bankruptcy Board of India (IBBI) Regulations/ Circulars/ Directions issued in this regard. V. That this Bench also directs that an advance payment of Rs.2,00,000 (Rupees Two Lakhs only) to be paid by the Petitioners/Creditors to the Resolution Professional (RP) immediately to initiate the process which shall be adjusted towards the fee and expenses payable to the Resolution Professional (RP). VI. The Resolution Professional, shall exercise all the powers as enumerated under Section 99 of the Code read with Rules made thereunder. He is direc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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