2021 (10) TMI 591

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.... Jewellers Private Limited'. The Resolution Professional has been appointed by the Financial Creditor, M/s. Bank of India, to file the present Application, under Section 95 of the Code, seeking to initiate Insolvency Resolution Process against personal Guarantor of CD (M/s. Shree Raj Mahal Jewellers Private Limited), Mr. Praveen Gupta, in respect of the Outstanding debt of Rs. 113.83 crores (Rupees One Hundred Thirteen Crores and Eighty Three Lakhs), as on 31.01.2021, due from the Corporate Debtor, under rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors), Rules, 2019. 2. The Ld. Counsel for the Applicant states that the CD, M/s. ....

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....ankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal Guarantors to Corporate Debtor) Rules, 2019, was issued by the Financial Creditor, i.e., Bank of India on 17.02.2021, to the Personal Guarantor, in respect of the unpaid debt due from M/s. Shree Raj Mahal Jewellers Private Limited (Corporate Debtor), under rule 7(1) of the IBC, 2016. 6. It is pertinent to mention that as per part-III of Form-C, the total debt from the personal guarantor, by way of personal guarantee given to M/s. Bank of India, including interest as on 31.01.2021, amounts to Rs. 113,83,35,138.07/- (Rupees One Hundred Thirteen Crores Eighty Three Lakhs Thirty Five Thousand One Hundred Thirty Eight and Seven Paise Only). 7. It is ....