2021 (10) TMI 713

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....Debtor, 'M/s. RGTL Industries Ltd'. The Authorized Person has been appointed by the Financial Creditor, Bank of Baroda, to file the present Application under Section 95 of the Code seeking to initiate Insolvency resolution process against personal Guarantor of Corporate Debtor (M/s. RGTL Industries Ltd.) Mr. Saurabh Rathi in respect of the Outstanding debt of Rs. 20,10,27,358/- (Rupees Twenty Crore Ten Lakh Twenty-Seven Thousand Three Hundred and Fifty-Eight Only) as on insolvency commencement date of RGTL Industries Limited i.e., 10.04.2019 and further interest and charges until payment in full, is the amount in default and due from the Corporate Debtor under rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Auth....

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....el for the applicant further submitted that a Demand Notice in Form B under rule 7(1) of the Insolvency and Bankruptcy (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 Baroda on 03.09.2020 to the Personal Guarantor in respect of the unpaid debt due from M/s. RGTL Industries Ltd. (Corporate Debtor) under rule 7(1) of the IBC, 2016. Further, the Applicant has satisfactorily produced proof of evidence that the said notice was delivered to the Personal Guarantors along with computation of the amount of default and other particulars. The proof of delivery has been annexed by the applicant. The Ld. Counsel for the Ap....

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....re is a 'default' on the part of the Personal Guarantor by not fulfilling the debt owed to the Corporate Debtor, i.e., RGTL Industries Ltd. 10. This Tribunal "Allows" the Present Application filed by Mr. Dinesh Kumar, Authorized Person on behalf of Bank of Baroda, the Financial Creditor, under Section 95 of the Insolvency & Bankruptcy Code, 2016 read with Rule 7 of the IBC Rules 2019 against Mr. Saurabh Rathi, the Personal Guarantor of the Corporate Debtor, (M/s. RGTL Industries Ltd.). The Interim Moratorium as per Section 96(1) of the Code has commenced from the date of filing of Application by the Financial Creditor, i.e., 01.09.2021. 11. The Tribunal makes it clear that from the date of filing this Application i.e., 01.09.2....