Omkara Assets Reconstruction Pvt Ltd vs Vivek Dattatraya Deshpande

Mr. Saurabh A, Ld. Counsel for the Petitioner present. No representation on the part of the Personal Guarantor.

This is a Company Petition filed by Omkara Assets Reconstruction Private Limited (“the Financial Creditor”) through the Authorised Representative, 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 against Vivek Dattatraya Deshpande (“the Personal Guarantor”).

Counsel for the Financial Creditor submits that the Demand Notice dated 27.09.2022 was successfully delivered upon the Personal Guarantor of the Corporate Debtor. Ld. Counsel for the Financial Creditor further submits that the copy of Company Petition as well as Court Notice was also served to the Personal Guarantor respectively on their last known correct address. Thus, the requirement under Section 95 of the Code is complete.

This Company Petition filed by the Financial Creditor is for claiming total outstanding of ₹18,53,50,060/- (Rupees Eighteen Crores Fifty-Three Lakhs Fifty Thousand Sixty only).

The Financial Creditor has proposed the name of the RP; Mr. Jayesh Natvarlal Sanghrajka having registration No.: IBBI/IPA-001/IP-P00216/2017-2018/10416 who is registered with IBBI as Insolvency Professional. His written consent is placed in the Petition.

The Petition for initiating Insolvency Resolution Process against Personal Guarantor of the Corporate Debtor is complete in all respect. Therefore, this Bench is of the opinion that Resolution Professional is to be appointed in this case and accordingly;

This Bench hereby appoints Mr. Jayesh Natvarlal Sanghrajka, having registrationNo.: IBBI/IPA-001/IP-P00216/2017-2018/10416, who is registered with IBBI as Insolvency Professional; 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.

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).

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 -

ii) the creditors of the debtor shall not initiate any legal action or proceedings in respect of any debt.

List this matter for further consideration on 10.08.2023.