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Judgment
Mr. Abni Ranjan Kumar Sinha, Member (Judicial)
The present petition is being filed under section 94 of the Insolvency and Bankruptcy Code, 2016 ("Code") read with Rule 6(1) of the insolvency and Bankruptcy Rules, 2019 praying for initiation of Personal Insolvency in the matter of Saroj Bala Ruhil.
The brief facts of the case are as follows:
The Corporate Debtor/Balaji Digital Solution Pvt. Ltd is the distributor of Telecom Products of leading Telecom Companies, incorporated on 08.11.2001 under provisions of Companies Act, 1956.
A sanction letter of loan dated 15.11.2017 was issued by the Incred Financial Services Ltd. (Previously named as 'Visu Leasing & Finance Pvt. Ltd.') to the Corporate Debtor/Balaji Digital Solution Pvt. Ltd.
Thereafter, Master Facility Agreement dated 23.11.2017 was executed between Incred Financial Services Ltd. (Previously named as 'Visu Leasing & Finance Pvt. Ltd.') and the Corporate Debtor/Balaji Digital Solution Pvt. Ltd. Also, Deed of Guarantee was executed on 23.11.2017 between Incred Financial Services Ltd. (Previously named as 'Visu Leasing & Finance Pvt. Ltd.') and the Personal Guarantor/Applicant.
Loan Recall Notice dated 24.12.2018 was issued by Incred Financial Services Ltd. (Previously named as 'Visu Leasing & Finance Pvt. Ltd.') to the Corporate Debtor/Balaji Digital Solution Pvt. Ltd as well as the Applicant/Guarantor seeking an amount of Rs. 8,33,51,902/-.
The default by the CD as well as Applicant occurred on 04.01.2019 in repaying the amount due towards the guarantee invoked by Incred Financial Services Ltd. (Previously named as 'Visu Leasing & Finance Pvt. Ltd.').
Thereafter, Demand letter dated 08.04.2019 was issued by Incred Financial Services Ltd. (Previously named as 'Visu Leasing & Finance Pvt. Ltd.') to the Guarantor/Applicant.
Intimation letter of invocation of guarantee dated 16.04.2019 was issued by Incred Financial Services Ltd. (Previously named as 'Visu Leasing & Finance Pvt. Ltd.') to the Guarantor/Applicant.
Corporate Resolution Insolvency Resolution Process has been initiated against the Corporate Debtor/Balaji Digital Solution Pvt Ltd. vide order dated 06.07.2021 by the Adjudicating Authority.
That on filing of this Application by the Applicant/Guarantor, the interim-moratorium commences as stipulated under Section 96 (1) (a) in relation to all the debts of the personal guarantor and shall cease to have effect on the date of admission of this Application. During the interim-moratorium period, the following are prohibited:
Any pending legal action or proceeding in respect of any debt of the personal guarantor shall be deemed to have been stayed; and
The Creditors of the personal guarantor shall not initiate any legal action or proceedings in respect of any debt. This shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator.
Since IBBI vide letter dt. 3rd June 2022 informed that for the section 97(2) and 98(6) of the IBC online data base may be used, therefore, as proposed by the Applicant/Guarantor, this Bench U/S 97(3) of the Code appoints Mr. Vijay Kumar Narang. IBBI Registration No. : IBBI/IPA-001/IPP-02064/2020-2021/13300 Address : Flat No. 96(GF), Block J-7, Rajouri Garden, Delhi- 110027 E-Mail Address : vijaynarang57@gmail.com Contact Number : 9840584100
The Resolution Professional Mr. Vijay Kumar Narang shall exercise all the powers as enumerated under Section 99 of the IBC, 2016 read with the Rules made thereunder. He is directed inquire and make the recommendations with the reasons in writing for acceptance or rejection of this Application within stipulated time as envisaged under the provisions of Section 99 of the IBC, 2016. The RP shall give a copy of the report under Section 99(7) to the Applicant/Guarantor, as soon as the same is filed before this Adjudicating Authority.
The Applicant/Guarantor and his Counsel are directed to serve the copy of this Order along with copy of the Application and documents on the Resolution Professional, Mr. Vijay Kumar Narang, immediately by all modes for information and compliance.
List the matter on 14.07.2022.