IFCI Limited vs Shalini Rajani

Mr. Nikhil Rajani, Ld. Counsel for the Financial Creditor present. Mr. Rajeev Ravi, Ld. Counsel for the Personal Guarantor present.

This is a Company Petition filed by IFCI Limited, (“the Financial Creditor”), under Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC) 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 seeking to initiate Personal Insolvency Resolution Process (CIRP) against Mrs. Shalini Rajani (“the Personal Guarantor”).

Ld. Counsel for the Financial Creditor submits that the copy of Demand Notice dated 09.09.2020 was successfully served on the Personal Guarantor on her last known correct address and the requirement u/s 95 of the Code is completed.

Ld. Counsel for the Personal Guarantor submits that the copy of Petition is not served upon them. Ld. Counsel for the Financial Creditor is directed to serve the copy of the Petition on the Personal Guarantor within two days from. Ld. Counsel for the Personal Guarantor submits that the copy of Petition is not served upon them. Ld. Counsel for the Financial Creditor is directed to serve the copy of the Petition on the Personal Guarantor within two days from today. Since, the Ld. Counsel for the Personal Guarantor is appeared today, the requirement of Court Notice is dispensed with.

Ld. Counsel for the Financial Creditor submits that Corporate Debtor of the Personal Guarantor is already into CIRP vide order dated 03.08.2021 in CP. No. 606/2020.

The Financial Creditor has also proposed the name of the RP; Mr. Vasudev Ganesh Nayak, who is registered with IBBI as Insolvency Professional. His written consent is placed in the Petition.

This bench appoints Mr. Vasudev Ganesh Nayak, Insolvency Resolution Professional having Registration No. IBBI/IPA-001/IP-P00019/2016-2017/10043; as the Resolution Professional (RP) in the matter. The fee payable to Resolution Professional (RP) shall be in accordance with the Insolvency and Bankruptcy Board of India (IBBI) Regulations/Circulars/ Directions issued in this regard.

The Resolution Professional shall examine the Application within 10 days from the date of his appointment and submit its report to the Adjudicating Authority recommending for approval or rejection of the Application as referred under section 99(1) of the Code. The RP is also directed to serve the copy of report on both the sides Financial Creditor as well as the Personal Guarantor and file proof of service of report.

This Bench also directs for an advance payment of Rs.2,00,000/-(Rupees two lakh only) to be paid by the Financial Creditor 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). 10. The interim-moratorium under Section 96(1) (a) of the Insolvency and Bankruptcy Code, 2016 has commenced on the date of filing of this application by the Financial Creditor and will cease to have effect on the date of admission.

During such interim-moratorium period -

List this matter for further consideration on 06.02.2023.