2022 (3) TMI 280

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....anchal Dua, against Mr. Vibu Venkatsubramanian, Personal Guarantor to the Corporate Debtor (CD), 'M/s. Global Infonet Distribution Private Limited'. The Resolution Professional has been proposed by the Financial Creditor, to file the present Application, under Section 95 of the Code, seeking to initiate Insolvency Resolution Process against personal Guarantor of the CD, in respect of the Outstanding debt of Rs. 43,38,58,364.80/- (Rupees Forty Three Crores Thirty Eight Lakhs Fifty Eight Thousand Three Hundred Sixty Four and Eighty Paise), as on 28.10.2018, 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 Cor....

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....antors to Corporate Debtor) Rules, 2019, was issued by the Financial Creditor, i.e., State Bank of India, on 24.06.2021, to the Personal Guarantor, in respect of the unpaid debt due from M/s. Global Infonet Distribution Private Limited (Corporate Debtor). The Applicant had received a reply dated 09.07.2021, from the Personal Guarantor, being Mr. Vibu Venkat Subramanian, to the Demand Notice dated 24.06.2021. However, despite receipt of the notice dated 24.06.2021, the Personal Guarantor failed to make payment within 14 days from the date of receipt of the Demand Notice which falls on 12.07.2021. 5. 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 ....