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Judgment
Ld. Counsel for the Resolution Professional as engaged by the Financial Creditor is present. The Counsel has taken us through the present application which is filed under Section 95 (1) of IBC, 2016 seeking initiation of the insolvency proceedings against the Personal Guarantor of the Corporate Debtor i.e. IncomWires & Cables Private Limited which is under the process of liquidation before the Principal Bench of this Tribunal.
The Counsel has taken us through the present petition and has submitted that due notice of the claim against the Personal Guarantors in terms of IBBI Rules governing the insolvency proceedings of Personal Guarantors has been given to her. It is seen that the said notice is duly served upon the Personal Guarantor through Speed Post and the Applicant has filed the proof of delivery of the same.
The Financial Creditor has proposed the name of Mr. Manohar Lal Vij, Insolvency Professional, registered with Indian Institute of Insolvency Professionals of ICAI and having Registration No. IBBI/IPA-001/IP-P01480/2018-2019/12269 and has also filed an 'Authorization for Assignment' (AFA) issued by the IBBI in favour of the said Insolvency Professional. The Applicant has proposed the name of aforesaid Insolvency Professional for the purpose of giving a report under Section 99 of the IBC, 2016 as also for further proceedings.
We are convinced with the averments made in the present petition as also the submissions made by the Counsel in this regard.
Accordingly, we hereby appoint Sh. Manohar Lal Vij to act as the Resolution Professional and to conduct an enquiry in terms of Section 99 of IBC, 2016 and also to submit his report within 10 days of appointment to this Authority for further consideration of the matter.
It is further confirmed that the interim Moratorium in terms of Section 96 of IBC, 2016 stands initiated from the date of filing of the present petition before this Authority.
In view of above, the matter may be listed for further consideration after three weeks.
List on 04.2.2022.