2022 (4) TMI 604

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....olvency & Bankruptcy Code, 2016 (IBC) read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 seeking to initiate Personal Insolvency Resolution Process (IRP) against Aashish Kishore Avarsekar ("the Personal Guarantor to the Corporate Debtor"). 3. This Company Petition is filed by the Applicant through Mr. Surya Pratap Gupta, the Insolvency Professional claiming total outstanding of Rs. 8,70,93,55,275/- (Rupees eight hundred seventy crore ninety-three lakh fifty-five thousand two hundred seventy-five only) as on 31.12.2020. 4. The Learned Counsel for the Applicant submits that the Petition bearing CP No. 1058/MB/....

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....ause 11, Clause 14 and Clause 16 of the Deed and submits that: i. The Guarantee is continuing in nature; ii. The Guarantee is unconditional and binds the Guarantor irrespective of any changes in sanction limits, change in management or variation to the terms of the contract, forbearance etc. d. The RP submits that in absence of any letter of discharge or communication from the lender expressly releasing the Personal Guarantee of the Respondent, the Guarantee continues to subsist and the lender is well within its right to enforce the same. The RP hence, submitted the report recommending for approval of the said Application filed by the Applicant under section 95 of the Code. 6. The Applicant submitted CRILIC Report dated 08.01.2021 sh....

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....-five thousand two hundred seventy-five only) as on 31.12.2020. Findings: 9. We have heard the arguments of the Learned Counsel for both the parties and perused the records. 10. The Respondent had executed the Deed of Guarantee dated 24.01.2013 to secure the debt of the Corporate Debtor which is Annexed at pp 374-387 as Exhibit 'M' of the Petition. 11. It has been observed by the Bench that, the Applicant has invoked the Guarantee vide its Notice dated 23.02.2018 which is at pp 27-30 as Exhibit 'B' of the Petition. The Applicant has also filed the Revival Letter dated 23.01.2018 which is at pp 31-37 as Exhibit 'C' of the Petition. The Applicant has issued recalled the loan vide its Recall Notice dated 03.11.2017.....

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....copy of this order shall be provided along with the report of the RP and the Application referred to in section 95, to the Creditors within 7 (seven) days from the date of the said order. 17. The moratorium under Section 101 of the Insolvency and Bankruptcy Code, 2016 has commenced from the date of this order till the completion of the Insolvency Resolution Process as under: I. During the moratorium period- (a) any pending legal action or proceeding in respect of any debt against this Personal Guarantor to the Corporate Debtor shall be deemed to have been stayed; (b) the creditors shall not initiate any legal action or legal proceedings in respect of any debt against this Personal Guarantor to the Corporate Debtor; and (c) The Perso....