2022 (4) TMI 999

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....er referred to as "IBC, 2016") read with rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019 (hereinafter referred to as "IB Rules, 2019") and regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 (hereinafter referred to as "IB Regulations, 2019") filed by Central Bank of India, Stressed Asset Management Branch ("SAMB"), a banking company constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, for initiating the Insolvency Resolution Process (hereinafter referred to as "IR Process") against personal guarantor, viz., Mr.....

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....cant had initiated proceeding under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 before the Debt Recovery Tribunal-I, Kolkata being OA No. 357 of 2014 and the said proceedings are pending before the DRT-I. Meanwhile, "BIGIL" (Corporate Debtor) was admitted under CIRP by the National Company Law Tribunal, Kolkata Bench vide order dated 17/05/2019 passed in CP(IB)/516(KB)2018 (Jai Balaji Industries Ltd. -vs- Bengal India Global Infrastructure Limited) and the Corporate Debtor is undergoing liquidation process. 6. The personal guarantor, viz., Mr. Bipin Kumar Vohra has executed personal guarantee from time to time on 12/12/2006, 22/08/2011, 22/03/2012 and 10/10/2012 respectively, in favour of the Applicant to secu....

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....notified by the Central Government in consultation with any financial sector regulator. 9. We have heard the Ld. Counsel appearing on behalf of the Applicant (Financial Creditor) and the Ld. Counsel appearing for the Respondent (Personal Guarantor) and perused the records. 10. It is pertinent to mention that as per Annexure "A" the Applicant (Financial Creditor) has executed a Power of Attorney in the name of Mr. Dashrath Pandurang Sadaye to appear and to cause any proceeding against any person, firm, society, company, corporation, association or body corporate for adjudication as insolvent or bankrupt or for winding up. However, the Letter of Authority dated 10/12/2020 authorising Mr. Sudhir Kumar Senapati, Advocate to act on behalf ....