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Judgment
ORDER
Per: Mahendra Khandelwal, Member (Judicial)
The present Petition CP (IB) No. 690/ND/2022 is filed under section 94(1) of the Insolvency and Bankruptcy Code, 2016 (‘Code’) read with rule 6 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 Regulations’) by Mr. Sa dhn a Goe l , Personal Guarantor of M/s Shreedhar Milkfoods Limited (Corporate Debtor) for initiating the Insolvency Resolution Process (‘IR Process’).
The Applicant has filed the present petition seeking insolvency resolution process against itself. The petitioner contended that a copy of the application has already been served to the Financial Creditor and the Corporate Debtor (Principal Borrower) for whom the Guarantor is a Personal Guarantor in accordance with Rule 6(2) of the Personal Guarantors Rules.
The Hon’ble Supreme Court of India in the matter of Dilip B Jiwrajka vs Union of India & Ors. In Writ Petition (Civil) No. 1281 of 2021 while considering the constitutional validity of Sections 95-100 of The Insolvency and Bankruptcy Code, 2016 in their judgement have concluded that no judicial adjudication is involved at the stages envisaged in Sections 95-99 of The IBC. The Hon’ble Supreme Court of India has further concluded that no hearing is required by the Adjudicating Authority at the stage when it appoints a Resolution Professional u/s 97(5) of IBC.
The applicant had proposed the name of Mr. Gaurav Rohilla, Registration No. [IBBI/IPA-003/ICAIN00303/2021-22/13293] as the resolution professional to act as Resolution Professional. However, vide order dated 21.12.2023 of this Tribunal, it was observed that the aforementioned proposed RP did not have valid AFA and hence a clarification was sought from the applicant to either file a valid AFA failing which this Tribunal would have to appoint an RP from the IBBI Panel maintained with it. Accordingly, the applicant in compliance of the said order appeared before this Tribunal on 31.01.2024 and submitted that they had filed valid AFA for the proposed RP and same is reflected on e-portal.
Accordingly, we appoint Shri. Gaurav Rohilla as Resolution Professional [IBBI/IPA-003/ICAIN00303/2021-22/13293]. The contact details of the RP are [email protected] .The RP has valid AFA upto 19/12/2024.
The Registry is directed to intimate the above-mentioned Insolvency Resolution Professional regarding their appointment immediately after pronouncement of this order. IRP is directed to file declaration disclosure statement within 2 days thereafter.
This Adjudicating Authority hereby appoints Shri. Gaurav Rohilla as the Resolution Professional in the matter. The Resolution Professional 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 the Code and the relevant Regulations within the stipulated time period. A copy of the Report by the resolution professional under Section 99 so filed shall be forthwith provided to the Personal Guarantor and Financial Creditors of the Petitioner.
List the matter on 20/03/2024 for the perusal of the Report of the RP and further proceedings.