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Judgment
ORDER
Per :- Justice P.N. Deshmukh, Member Judicial
The present Company Petition 497 of 2022 is 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 Guarantor to Corporate Debtor) Rules, 2019 (‘Personal Guarantor Rules’) and regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 (‘Personal Guarantors Regulations’) filed by Shimnit India Private Limited (Creditor) for initiating the Insolvency Resolution Process against SRS Bearing Industries (Proprietor Mr. Rajesh D. Vora) Personal Guarantor for Corporate Debtor Rushabh Precision Bearings Limited.
The Personal Guarantor to the Corporate Debtor, was duly served by the Applicant, a Statutory Notice of Demand Notice dated 27.01.2022 in terms of Section 95(4)(b) vide Form B, rule7(2) under the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal Guarantors to Corporate Debtors) Rules, 2019 requesting to make payment for the amount of default for Rs. 22,23,45,748/- (Rupees Twenty-Two Crores Twenty Three Lakhs Forty Five Thousand Seven Hundred and Forty Eight only) being due as on 31.12.2021. Despite, receipt of the notice of Demand Notice dated 24.02.2022, the Respondent has not made any payment to the same. Resultantly, the Applicant has filed the present Petition seeking Insolvency Resolution Process against the Respondent.
The Applicant has proposed the name of Mr. Chirag Rajendrakumar Shah, IBBI Registration No.:- IBBI/IPA-001/IP-P01169/2018-19/11837, to act as the Resolution Professional.
FINDINGS
We have heard the submissions of the Counsel appearing for the Applicant and the Respondent. It is seen from the available records that Corporate Insolvency Resolution process against the Corporate Debtor i.e. Rushabh Precision Bearings Limited has been initiated in Court Room No. 3, NCLT Mumbai in CP 70 of 2022 under Section 7 of the Insolvency and Bankruptcy Code, 2016 vide Order dated 25.04.2022.
The Interim moratorium in terms of Section 96(1)(a) of the Insolvency and Bankruptcy Code, 2016 shall commence from the date of the Application.
ORDER
a. This Bench hereby appoints Mr. Chirag Rajendrakumar Shah, having registration No. Insolvency Professional, Registration No: IBBI/IPA-001/IP-P01169/2018-19/11837 as Insolvency Resolution Professional. The Resolution Professional is to file the Assignment Declaration within 7 days from today with the Registry.
b. The Resolution Professional is directed to file his report in terms of Section 99 of the Code and the relevant Regulations.
c. A copy of the Report by the Resolution Professional under Section 99 to be filed, shall forthwith provided to the Applicant and to the Personal Guarantor to the Corporate Debtor.
d. List the matter on 15.11.2022 for the perusal of the Report of the RP and further proceedings.
The Registry is hereby directed to communicate this order to both the parties and to RP immediately.