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Judgment
Heard Shri Aniketh B.C., learned Counsel for the Petitioners and none for the Respondent.
This is a Company Petition filed by Vistra (ITCL) India Ltd. & Anr. ("the Financial Creditors") u/s 95(1) of the I&B Code, 2016 seeking to initiate Insolvency Resolution Process against Mr. Hemang Dipakumar Rawal ("the Personal Guarantor").
The learned Counsel for the Petitioner submits that the copy of the Demand Notice dated 19.10.2020 was successfully delivered upon the Personal Guarantor and no reply has been issued by the Personal Guarantor. Further, the learned Counsel for the Petitioner submits that a copy of the Petition and Court Notice dated 15.06.2022 was successfully delivered upon the Personal Guarantor on 14.07.2022 and thus the requirement u/s 95 of the Code is completed.
The Financial Creditor has also proposed the name of the Resolution Professional (RP); Mr. Ratnakar Shetty, who is registered with IBBI as Insolvency Professional. His written consent in placed in the Petition.
This Bench appoints Mr. Ratnakar Shetty, Insolvency Professional having Registration No. IBBI/IPA-001/IP-P01630/2019-2020/12718, as the Resolution Professional in the matter. The fee payable to RP shall be in accordance with the IBBI Regulations / Circulars / Directions issued in this regard.
The Resolution Professional shall examine the Application within ten 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.
The interim-moratorium under Section 96(1)(a) of the I&B 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.
Ld. RP is directed to serve a copy of his report on the Personal Guarantor. Ld. Counsel for the Respondent is directed to file objections against the RP Report to be submitted. List the matter on 15.12.2022.