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Judgment
AS PER MR. ABNI RANJAN KUMAR SINHA, MEMBER (JUDICIAL)
The present application has been filed under Section 94 of the Insolvency & Bankruptcy Code, 2016, (hereinafter referred to as the "Code"), by Mr. Diwan Singh ("Applicant/Guarantor") praying for initiation of Insolvency Resolution Process against the Applicant who is the Guarantor of Balaji Digital Solution Pvt. Ltd ("Corporate Debtor").
Notice was issued upon the Financial Creditors vide order dated 04.01.2022.
That on filing of this Application by the Applicant/Guarantor, the interim-moratorium commences as stipulated under Section 96 (1) (a) in relation to all the debts of the personal guarantor and shall cease to have effect on the date of admission of this Application. During the interim- moratorium period, the following are prohibited:
Any pending legal action or proceeding in respect of any debt of the personal guarantor shall be deemed to have been stayed; and
The Creditors of the personal guarantor shall not initiate any legal action or proceedings in respect of any debt. This shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator.
Since IBBI vide letter dt. 3rd June 2022 informed that for the section 97(2) and 98(6) of the IBC online data base may be used, therefore, as proposed by the Applicant/Guarantor, this Bench U/S 97(3) of the Code appoints Mr. Vijay Kumar Narang. IBBI Registration No. : IBBI/IPA-001/IPP-02064/2020-2021/13300 Address : Flat No. 96(GF), Block J-7, Rajouri Garden, Delhi- 110027 E-Mail Address : [email protected] Contact Number : 9840584100
The Resolution Professional Mr. Vijay Kumar Narang shall exercise all the powers as enumerated under Section 99 of the IBC, 2016 read with the Rules made thereunder. He is directed inquire and make the recommendations with the reasons in writing for acceptance or rejection of this Application within stipulated time as envisaged under the provisions of Section 99 of the IBC, 2016. The RP shall give a copy of the report under Section 99(7) to the Applicant/Guarantor, as soon as the same is filed before this Adjudicating Authority.
The Applicant/Guarantor and his Counsel are directed to serve the copy of this Order along with copy of the Application and documents on the Resolution Professional, Mr. Vijay Kumar Narang, immediately by all modes for information and compliance.
List the matter on 14.07.2022.