AI Drafter 
TaxTMI 
TaxTMI 
2022 (8) TMI 319
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....ersonal Guarantor to M/s. Orchid Textiles Private Limited ("Corporate Debtor/Principal Borrower"), who has extended personal guarantees to financial creditor namely, Manju Gupta and other lenders for an amount of Rs. 1,25,08,386/- (Rupees One Crores Twenty Five Lacs Eight Hundred Three Hundred Eighty Six Only). 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. 00504/2 dated 17.03.2022, 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) of I&B Code, 2016. 3. On presentation of the application by the Applicant/Personal Guarantor, this ....
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....ication 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-3 Colly) executed between him and Manju Gupta is annexed herewith as ANNEXURE A-3. a.c 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 the Personal Guarantor is Rs. -6.85 Crores. a.d The Personal Guarantor had shared his Income Tax returns for financial year 2018-19, 2019-20 and 2020-21 and also shared the Bank Accounts being maintained by him. a.e The Personal Guarantor has also shared the arbitrational award is annexed as ANNEXURE A-5 of the Petition. The Resolution Professional as mentioned in para no 8 and 10 of this report under Section 99, had sought add....
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....ken the business loans of Rs. 99,00,000/- from Indian bank and the current outstanding balance is Rs. 94,61,115. Further the borrower informed that the matter is sub-judice at DRT, Sector 17 -Chandigarh "... That the personal guarantor -Monica Bansal had guaranteed and taken Personal loan of Rs. 17,00,000/- extended by Shri Kulwant Singh/Parminder Singh. Further the guarantor informed that he has issued post- dated cheques to the lender and 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 -Monica Bansal had guaranteed and taken Personal loan of Rs. 51,40,621/- extended by Inderdeep Kakkar/Paramjeet Kakkar. 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 -Monica Bansal had guaranteed/taken the friendly loan of Rs. 1,50,00,000/- extended by Mr. VN Yadav. The personal guarantor had issued security cheques to the lender....
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.... -Monica Bansal had guaranteed and taken Personal loan of Rs. 30,00,000/- extended by Rajesh Bansal. 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 -Monica Bansal had guaranteed and taken Personal loan of Rs. 20,00,000/- extended by Aditya Mittal. 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 -Monica Bansal had guaranteed and taken Personal loan of Rs. 5,00,000/- extended by Deepika Gupta. 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 -Monica Bansal had guaranteed and taken Personal loan of Rs. 10,00,000/- extended by Prashant Sanghvi. Further the guarantor informed that nothing has been pai....
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....hat the personal guarantor -Monica Bansal had guaranteed and taken Personal loan of Rs. 1,10,320/- extended by Milap Kitchen Equipments/Sidak Technology. Further the guarantor informed that nothing has been paid till date and guarantor also informed that the guarantor has issued post dated cheques to the lender and he had no knowledge about any legal action taken by the lender or not for recovery of the personal loan ".... That the personal guarantor -Monica Bansal had guaranteed and taken Personal loan of Rs. 50,000/- extended by Elegant Communications. Further the guarantor informed that nothing has been paid till date and guarantor also informed that the guarantor has issued postdated cheques to the lender and he had no knowledge about any legal action taken by the lender or not for recovery of the personal loan ".... That the personal guarantor -Monica Bansal had guaranteed and taken Personal loan of Rs. 1,00,000/- extended by Twinkle Jaggi. Further the guarantor informed that nothing has been paid till date and guarantor also informed that the guarantor he has no knowledge about any legal action taken by the lender or not for recovery of the personal loan ....
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.... Debtor before the Hon'ble National Company Law Tribunal, Chandigarh. c. That Smt. Monica Bansal, Personal Guarantor to Corporate Debtor has also committed default in repayment of Loan Facility demanded by the banks and/or financial institution after invocation of personal guarantee. Further, the Personal Guarantor had informed that he had not made any payment to any secured or unsecured creditor of Orchid Textiles Private Limited in his personal capacity. d. No information received from Manju Gupta as the copy has been served by the Applicant to the Creditor(s) at the time of filing the application. 5. After perusal of the report submitted by Resolution Professional, there does not appear any request of the Resolution Professional for issuance of instruction for the purpose of conducting negotiations between the debtors and the creditors for arriving at the repayment plan. Therefore, based on the reasons recorded in the report submitted by the Resolution Professional, the application i.e. CP(IB) No. 182/Chd/Hry/2021 filed under the provisions of Section 94 of IBC, 2016 is hereby admitted under Section 100 of the IBC, 2016. The Insolvency Resolution Process....