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Judgment
ORDER
This is an application filed seeking certain typo-corrections in the order passed by the Bench on 01.02.2022. The corrections sought are as follows;
a. At Para 7 the name of Mr. Kapil Wadhawan has wrongly been added.
b. At para 8 the word son is wrongly mentioned.
c. At para 10 the date is wrongly mentioned as 13.10.2021.
d. At para 21 the word son is wrongly mentioned.
e. At para 26 the name of the Resolution Professional is wrongly mentioned, and the name of the Corporate Debtor is also wrongly mentioned.
f. At para 28 the name of the Resolution Professional is wrongly mentioned.
Now, after the corrections the relevant para is replaced and will now read as follows;
a. In paragraph 7,
“The total outstanding due of UBI under the credit facilities is INR Rs. 3,958,30,48,963.71/- and the personal guarantor is liable to pay the entire outstanding amount of Rs. 3,958,30,48,963.71/- as on 31.08.2020. The Petitioner invoked the deed of guarantee on 10.09.2020 calling upon the guarantors to pay an outstanding amount of Rs. 3690,51,21,714.43/- as on 31.08.2020. The Petitioner also issued a supplementary letter (Invocation No. 2) at the residential address of Mr. Dheeraj Wadhawan (Respondent herein)”.
b. In paragraph 8 ,
“The petitioner issued the demand notice under Form B at the residential address of Respondent as per Rule 7 of the Insolvency and Bankruptcy Rules (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, calling upon the Respondent to pay forthwith an amount of Rs. 3,958,30,48,963.71/-. The said demand notice was received by the adult family member (nephew) of Mr. Dheeraj Wadhawan namely Mr. Karthik Wadhawan”.
c. In paragraph 10,
“The demand notice sent via Indian Post at the Residential address of the Respondent and was duly delivered to the said address after 13.10.2020. The petitioner has filed affidavit of service to that effect.”
d. In paragraph 21,
“This Bench is of the prima facie opinion that intention of legislature for issuance / service of Form B notice has to be read and it is seen that the Petitioner in strict compliance of Rule 7 r/w Rule 3 (h) has served Form B Notice upon the Respondent at his address and the same was received by the adult family member (nephew) of Mr. Dheeraj Wadhawan i.e. Mr. Kathik Wadhawan. This is a good service in terms of Rule 3 (h) of Personal Guarantor Rules, which requires that Form B notice shall be served upon the guarantor by Post/ Speed Post/ Courier or electronic form and where it cannot be served by any other mode it shall be affixed to outer door or some other conspicuous part of the house in which the addressee ordinary resides or carry out business”.
e. In paragraph 26,
“This Bench “Allows” the Application filed by Union Bank of India, Financial Creditor under Section 95 of the Insolvency & Bankruptcy Code, 2016 read with Rule 7 of the IBC Rules, 2019 against Mr. Dheeraj Wadhawan, the Personal Guarantor of the Corporate Debtor, Dewan Housing Finance Corporation Limited in CP No. 04 of 2021.”
f. In paragraph 28,
“The Bench notes that the appointment of Resolution Professional under Section 97 of the Code is critical and essential not only for the Applicant but also to safeguard the assets of the Personal Guarantor in terms of the provisions of the Code. This Bench appoints Mr. Devendra Mehta, Resolution Professional having IBBI Registration No. IBBI/IPA-001/IP-P01252/2018-2019/11929, in the matter.”
Rest of the order will remain unaltered. IA(I.B.C)/512(MB)2022 is allowed and disposed of with the above terms.