Piramal Capital & Housing Finance Limited vs Nikhil R. Mansukhani

Mr. Yash Momaya a/w Mr. Akash Agarwal i/b ABH Law LLP, Ld. Counsel for the Petitioner/Financial Creditor present. Mr. Yash Dhruva, Ld. Counsel for the Personal Guarantor present.

This is a Company Petition filed by the Piramal Capital & Housing Finance Limited, (“Financial Creditor”) under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantor to Corporate Debtors) Rules, 2019 seeking to initiate Personal Insolvency Resolution Process against Mr. Nikhil R. Mansukhani (“the Personal Guarantor”).

Ld. Counsel for the Petitioner/Financial Creditor submits that the copy of Demand Notice dated 29.01.2022 was successfully delivered to the Personal Guarantor of the Corporate Debtor on 01.02.2022. Ld. Counsel for the Petitioner/Financial Creditor further submits that the copy of the Petition was successfully delivered on 10.03.2022 and thereafter, the Court Notice was also successfully delivered upon the Personal Guarantor to the Corporate Debtor on their last known correct address. The requirement u/s 95 of the Code is complied.

This Bench appoints Mr. Madan B. Vaishnawa, Insolvency Resolution Professional having Registration No. IBBI/IPA-001/IP-P-02011/2020-2021/13052; 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 lakhs 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 -

a. any legal action or proceeding pending in respect of any debt shall be deemed to have been stayed; and

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

List this matter on 20.03.2023 for further consideration.