2022 (9) TMI 321

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....2016 ("Code"). Originally, the Applicant/Financial Creditor, namely, Noble Co-operative Bank Ltd., had filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016 r/w Rule 7 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019 (the Rules, 2019), against Mr. Vivek Prakash, who is the Personal Guarantor of the Corporate Debtor in relation to the Loan Agreement executed by the Company M/s. Jarvis Infratech Private Limited (Corporate Debtor) for the outstanding balance dues of Rs. 1,03,69,628/- against the Corporate Debtor. 2. On presentation of the Petition CP(IB) No. 71(ND)/2022, by the Creditor, this Adjudica....

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....ence of Guarantee Clause of Mr. Vivek Prakash and in such Charge Form, duly uploaded with MCA-ROC. * Inability to satisfy outstanding claim of Rs. 1,03,69,628/- by Corporate Debtor due to insufficiency of funds/assets/properties with Corporate Debtor. * No proof of payment against Demand Notice under Form B dated 10.11.2021, delivered by the Applicant Financial Creditor upon Mr. Vivek Prakash (Personal Guarantor). * No response/reply towards objection/dispute against Demand Notice raise by Applicant Financial Creditor against Mr. Vivek Prakash (Personal Guarantor). * Undisputed Record of Default of Rs. 1,03,69,628/- uploaded at NeSL Information Utility in terms of section 99(3) of IBC, 2016. * No....

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....spect of the same, the total claim of Rs. 1,25,69,628/- was admitted vide email dated 01.04.2021. That a payment of Rs. 22,00,000/- was made on 30.06.2021 out of the total distribution of Liquidation Proceeds. Hence, the Applicant is having the outstanding balance dues of Rs. 1,03,69,628/- against the Corporate Debtor and the said default amount has also been recorded with NeSL Information Utility Portal. Furthermore, there is charge over the assets of the Corporate Debtor, as well as Personal Guarantee admitted by the Respondent Personal Guarantor vide MCA-ROC Charge CHG-1 Form. The Demand Notice dated 10.11.2021 in Form B was sent to the Personal Guarantor for payment of total outstanding net balance dues of Rs. 1,03,69,628/-. Neither any....

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....y the Creditor and has given specific consent to act as Resolution Professional, has been appointed under Section 95 of the Code vide Order dated 11.03.2022. Therefore, the Resolution Professional is directed to cause a public notice published on behalf of the Adjudicating Authority within 7 days of uploading of this Order on the website of the NCLT Delhi, inviting claims from all Creditors, who shall register their claims as provided under Section 103 of the Code within 21 days of such issuance. The notice shall contain the necessary information as provided under Section 102 (2) of the Code. The publication of notice shall be made in newspapers, one in English and other in Vernacular which have wide circulation in the State where the Perso....