2022 (7) TMI 984

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....read with sections 96, 97, 99 and 100 of the Insolvency and Bankruptcy Code, 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"). The prayer made is to initiate the Insolvency Resolution Process (hereinafter referred to as "IR Process") against Mr. Prasanna Dugar, one of the Directors of Indian Gem & Jewellery Imperial Private Limited, (hereinafter referred to as "IG&JIPL") having CIN: U27205WB2006PTC111892, who is the Personal Guarantor of Indian Bank (hereinafter referred to as "the Bank") in relation to the credit faci....

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....ment of the amount of default; (d) Indian Bank has served a copy of the application referred to in Rule 7(2) of IB Rules, 2019 to Mr. Prasanna Dugar and IG&J, in accordance with Rule 7(3) of IB Rules, 2019; (e) In accordance with the provision laid down under section 99(2) of IBC 2016, the undersigned has requested Mr. Prasanna Dugar to prove repayment of debt of Indian Bank; (f) In response to the communication sent to Mr. Prasanna Dugar, reply has been received from Mr. Prasanna Dugar to the effect that the said debt obligation has not been repaid by him vide mail dated 10/03/2022; (g) In accordance with the provisions laid down under section 99(6) of IBC, 2016, the undersigned has examined the applicat....

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.... at the end of the period of 180 days, as provided u/s. 101 of IBC, 2016 or until this Adjudicating Authority approves the repayment plan under sub-section (1) of section 114 of the Code. During the moratorium period: - (a) Any pending legal action or proceeding in respect of any debt of the personal guarantor shall be deemed to have been stayed; and (b) The creditors of the personal guarantor shall not initiate any legal action or proceedings in respect of any debt; and (c) The personal guarantor shall not transfer, alienate, encumber, or dispose of any of his assets or his legal rights or beneficial interest therein; (d) The provisions of sub-section (1) shall not apply to such transactions as may be no....

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....it the repayment plan along with his report on the plan to this Adjudicating Authority within a period of twenty-one days from the last date of submission of claims, as provided u/s. 106 of the IBC, 2016. 8. In case the Resolution Professional recommends that a meeting of the creditors is not required to be summoned, he shall record the reasons therefor. If the Resolution Professional is of the opinion that the meeting of the creditors should be summoned, he shall specify the details as provided u/s. 106(3) of the IBC, 2016. The date of meeting should not be less than 14 days or more than 28 days from the date of submission of the Report under sub-section (1) of section 106 of the IBC, 2016, for which at least 14 days' notice to the cred....