TaxTMI 
TaxTMI 
2022 (8) TMI 173
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....s the personal Guarantor to M/s. Orchid Textiles Private Limited ("Corporate Debtor/Principal Borrower"), who has extended personal guarantee to financial creditor namely, Central Bank of India and other lenders. The corporate debtor had availed a loan of Rs. 45,00,000/- from the Central Bank of India and to secure this debt Ms. Anita Bansal extended his personal guarantee in favour of the Central Bank of India. The said personal guarantee has been extended for the loan facilities availed by the corporate debtor. 2. The present application has been filed in the prescribed proforma. Moreover, the compliance affidavit pursuant to order dated 07.03.2022 has been incorporated vide Diary No. 00496/2 dated 15.03.2022, whereby applicant stating that in terms of provision of Section 94(4) of I & B Code, 2016 the applicant is not an undischarged bankrupt or not undergoing a fresh start process or not undergoing an insolvency resolution process or not undergoing a bankruptcy process. Also, in terms of the provisions of 94(5), no application has been admitted against the applicant during the period of 12 months preceding the date of submission of the present application under Section 94(1)....
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....id bank accounts for last one year. In response to the above-mentioned information, explanation and clarification sought by Resolution Professional, the Personal Guarantor had given the following information: a.a That the Personal Guarantor had not made any payment to any secured or unsecured creditor of the Corporate Debtor in his personal capacity. a.b That the Personal Guarantor had guaranteed the loans extended by the banks to Corporate Debtor. Further, the Personal Guarantor had also shared the copy of Deed of Guarantee/Notices(Annexure A-2) executed between him and Central Bank of India (ANNEXURE A-2). a.c In the meanwhile, an CP/IBC/52/2021 was filed by Manju Gupta under Section 7 of the Insolvency and Bankruptcy Code, 2016 before this Adjudicating Authority for recovery of a sum of Rs. 1,25,08,386/- (Rupees One Crores Twenty Five lacs Eight Hundred Three Hundred Eighty Six Only) from Corporate Debtor and personal guarantor jointly and severally. a.d In addition to the above, as asked by the Resolution Professional, Personal Guarantor had provided his Net Worth Certificate as on 21/03/2022. As per the said certificate, the net worth of ....
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....ilities. The borrower has also given post-dated cheques/security cheques to the lender. L& T housing sold the properties mortgage with them and borrower also informed that, he had no knowledge about any legal action taken by the lender or not for recovery of the housing loan. ".... That the personal guarantor -Anita Bansal had guaranteed/availed the loans of Rs. 45,00,000/- extended by Central Bank of India, Sector 35 Chandigarh. Furthermore, the personal guarantor had also shared the copy of deed of loan agreement/guarantor/notices/copy of orders. ".... That the personal guarantor -Anita Bansal had guaranteed taken the personal loan of Rs. 30,00,000/- extended by Edelweiss Retail Finance Ltd. The borrower further informed that they had issued post-dated cheques to avail the credit facility and nothing has been paid till date and borrower also informed that, he had no knowledge about any legal action taken by the lender or not for recovery of the personal loan. ".... That the personal guarantor -Anita Bansal had guaranteed taken the business/personal loans of Rs. 39,08,711/- extended by Tata Capital Ltd. Further the borrower informed that he had issued po....
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.... Panchkula. "... That the personal guarantor -Anita Bansal had guaranteed and taken Personal loan of Rs. 8,00,000 (Rs. Eight Lacs only) extended by Mr. Sanjay Singla. Furthermore, the personal guarantor had also shared the copy of deed of loan agreement/guarantor/notices/copy of orders. Further the borrower informed that he had issued post-dated cheques to the lender to avail the facilities and nothing has been paid till date and borrower also informed that, the matter is sub- Judice before District Court, Panchkula. "... That the personal guarantor -Anita Bansal had received notice on behalf Orchid Textiles Private Limited of Rs. 21,763/- extended by Employee Provident Fund Organisation. The matter is sub- judice before Provident office, Chandigarh. ".... That the personal guarantor -Anita Bansal had guaranteed the business/friendly loan of Rs. 30,00,000 extended by M/s. K and A Forge Chandigarh. Further the guarantor informed that nothing has been paid till date and guarantor also informed that, he had no knowledge about any legal action taken by the lender or not for recovery of the personal loan. "... That the personal guarantor -Anita Bansal....
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....nita Bansal, Personal Guarantor to the Corporate Debtor M/s. Orchid Textiles Private Limited is in compliance with the provisions of the Code. Hence, the Resolution Professional considering the requirements of the admission of Personal Guarantee as stipulated in the Code recommends under section 99 (7) for approval of the application for initiation of Insolvency Resolution Process against Smt. Anita Bansal, Personal Guarantor to the Creditors of Orchid Textiles Private Limited on the following reasons: a That the Application filed by Mrs. Anita Bansal, through Resolution Professional Sh. BISHWA RANJAN CHATERJEE (Resolution Professional) satisfies the requirement as set out in Section 94 of the Code; b That the Corporate Debtor have committed default in repayment of Loan Facility granted by the aforesaid banks and/or financial institution. The same is evident from the fact that an application was also filed by Manju Gupta for initiating CIRP against the Corporate Debtor before the Hon'ble National Company Law Tribunal, Chandigarh. c That Smt. Anita Bansal, Personal Guarantor to Corporate Debtor has also committed default in repayment of Loan Facility d....
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....all be made in newspapers, one in English and other in Vernacular which have wide circulation in the state where the debtor resides. The Resolution Professional shall furnish two spare copies of the notice to the Registry. One shall be placed by the Registry on our website and the other shall be affixed in the premises of this Authority. 7. The Resolution Professional in exercise of the powers conferred under Section 104 shall prepare a list of creditors within 30 days from the date of the notice. The debtor shall prepare a repayment plan in consultation with the Resolution Professional as provided under Section 105 which shall include the provisions for payment of fee to the Resolution Professional. The Resolution Professional shall submit the repayment plan along with his report on the plan to this Authority within a period of 21 days from the last date of submission of claims, as provided under Section 106. 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 specif....