2022 (5) TMI 398

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...., 2016 (hereinafter 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") for initiating the Insolvency Resolution Process (hereinafter referred to as "IR Process") against personal guarantor, viz., Smt. Niharika Devi Dinodiya, Personal Guarantor for Rythem Overseas Trade Limited. (CIN :U51109WB1981PLC034241) (hereinafter referred to as "ROTL"). 3. The factual matrix....

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....said Act, of 2002. Meanwhile, "ROTL" (Corporate Debtor) was admitted under CIRP by the National Company Law Tribunal, Kolkata Bench vide order dated 07/11/2019 passed in CP(IB)/230(KB) 2019 (State Bank of India vs. M/s. Rythem Overseas Trade Limited). On finding no feasible resolution for the said Corporate Debtor in the CIRP process, an Order for Liquidation of the Corporate Debtor was passed on 06/01/2021. 6. The personal guarantor viz Smt. Niharika Devi Dinodiya, has executed personal guarantee from time to time, lastly on 31/03/2013 in favour of the Applicant to secure the repayment of the principal amount of the Credit Facilities together with all interest, additional interest, liquidated damages, premium on repayments, reimbursemen....