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Judgment
ORDER
Per Rajasekhar V.K., Member (Judicial):
The present Petition CP (IB) No. 109/KB/2022 under consideration is a Petition filed under section 95(1) of the Insolvency and Bankruptcy Code, 2016 (‘Code’) read with rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution process for Personal Guarantors to Corporate Debtor) Rules, 2019 (‘Personal Guarantors Rules’) and regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 (‘Personal Guarantors Regulations’) filed by Indian Bank, through Stressed Asset Management Large Branch (SAML Branch) (‘Petitioner’) a Body Corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, for initiating the Insolvency Resolution Process (‘IR Process’).
The Personal Guarantor, to the Corporate Debtor, Sri Jugal Kishore Saraff, the respondent herein, was duly served by the Petitioner, a statutory notice of demand dated 06.12.2021 in terms of Section 95(4)(b) vide Form B, rule 7(2) under the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal Guarantors to Corporate Debtors) Rules, 2019; requesting him to make the requisite payment for the amount of default i.e. Rs. 69,85,18,842.94 (Rupees Sixty-nine crores Eighty-five Lakh Eighteen Thousand Eight Hundred and Forty Two and Paise Ninety-four only) for which the guarantee has been invoked by the Petitioner. Despite, receipt of the notice of Demand dated 06.12.2021, the Respondent has not made any payment to the same. Resultantly, the Petitioner has filed the present petition seeking insolvency resolution process against the Respondent.
The interim moratorium in terms of sec 96(1)(a) of IBC,2016 shall commence from the date of application.
Shri Rajesh Kumar Agarwal, IBBI Registration No. IBBI/IPA-001/IP-P01023/2017-2018/11722, Email: rajesh521@yahoo.com is hereby appointed as the Resolution Professional in the matter. The RP is to file the Assignment Declaration within 7 (seven) days from today with the Registry.
The Resolution Professional is directed to file his report in terms of Section 99 of the Code and the relevant Regulations.
A copy of the Report by the resolution professional under Section 99 to be filed, shall be forthwith provided to the petitioner and to the personal guarantor to the corporate debtor.
Liberty to file reply, if any, within two weeks.
List the matter on 20.06.2022 for the perusal of the Report of the RP and further proceedings.