AI Drafter 
TaxTMI 
TaxTMI 
2022 (10) TMI 249
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....tion Process for Personal Guarantors to Corporate Debtor) Rules, 2019 (hereinafter referred to as Personal Guarantors Insolvency Rules, 2019), seeking an order for initiation of the Insolvency Resolution Process ("IR Process") against his/applicant who is the personal Guarantor to M/s. Puneet Fashions Private Limited ("Corporate Debtor/Principal Borrower"), who has extended personal guarantee to financial creditor namely, Indian Bank (Erstwhile Allahabad Bank) and other lenders. The corporate debtor had availed a loan of Rs. 120.00 crores from the Bank and to secure this debt Mr. Daljeet Singh Bedi extended his personal guarantee in favour of the Indian Bank (Erstwhile Allahabad Bank). The said personal guarantee has been extended for the l....
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.... Professional including fresh claims shall be taken into consideration. 3. 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. 01516/2 dated 11.03.2022, whereby applicant stating that in terms of provision of Section 94(4) of I & B Code, 2016 the applicant is not an un-discharged 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 9....
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...., explanation and clarification. a. The amount of default as claimed by the Creditor i.e., Indian Bank (Erstwhile Allahabad Bank)., is 1200571911.09 (Rupees One Hundred and Twenty Crores Five Lacs Seventy-One Thousand Nine Hundred Eleven and Nine Pisa Only) as mentioned in the application bearing No. IB-3/CHD/Pb/2022. Please confirm if any repayment of the debt has been made by you as claimed by the Financial Creditor. In case there is any repayment done by you, kindly provide us the evidence of electronic transfer of the unpaid amount from the bank account of the debtor. b. List of Personal assets and liabilities as on date of the order i.e., 21.03.2022. c. In case, if there any guarantee deed that had been execu....
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.... The Personal Guarantor had informed the Resolution Professional that she has not filed any income tax returns since financial year 2011-2012 and is not maintaining any bank account. FOLLOWING OBSERVATIONS AND RECOMMENDATIONS HAVE BEEN MADE BY RESOLUTION PROFESSIONAL:- In view of the above facts and circumstances, I, Pawan Sharma, the Resolution Professional appointed by this Hon'ble Tribunal, vide order dated 21.03.2022 in C.P. (IB) No. 3/CHD/Pb/2022, hereby confirm that, I have perused/examined all the underlying documents and annexure and all the parameters are duly complied as per the provision of IBC and all the requisite & requirement under section 94 are duly met with, therefore, the Resolution Professi....
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....ility 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 Puneet Fashions Private Limited in his personal capacity." 6. After perusal of the report submitted by the Resolution Professional, there does not appear to be 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. No objection has been received or filed by Personal Guarantor against the report submitted by Resolution Professional. Therefore, based on the reasons recorded in the report submitted ....
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....ontain the necessary information as provided under Section 102(2) of IBC, 2016. 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 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. 8. 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 inc....