2022 (5) TMI 1207

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....ORDER Dharminder Singh, Member (J) 1. The instant application has been filed by 'Mr. Amrit Kumar Patel' under Section 94 read with section 122 of the Insolvency and Bankruptcy Code, 2016 under rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors), Rules, 2019 (for brevity "Rules")....

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....t, 2002 was sent to corporate debtor and the personal guarantors of corporate debtor. OA No. 235/2014 under Section 19 of RDD&FI before Hon'ble DRT-I, Delhi against the Corporate Debtor and the personal guarantors including applicant. c. Thereafter, the loan account of Corporate Debtor was assigned to Respondent No. 1, i.e. Phoenix ARC Private Limited. The DRT-I on 31.05.2019 decided ....

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....tificate has already been issued by DRT-I in favor of the respondent no. 1 and proceedings are also pending for recovery by respondent no. 2 us 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and issuance of interim moratorium u/s. 96 of the Code would defeat the purpose of all the recovery proceedings. It is also pointed out that notice to arrest has already been issued ....

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....e applicant submits that since the guarantee has been invoked and debt is still unpaid the application filed u/s. 94 is maintainable. 6. We have heard the Ld. Counsel for the parties and perused the case records. Hon'ble NCLAT in the matter of Hytone Merchants Private Limited Versus Satabadi Investment Consultants Private Limited, Company Appeal (AT) (Insolvency) No. 258 of 2021, has observ....