TaxTMI 
TaxTMI 
2024 (4) TMI 536
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....inafter referred as "IBC, 2016") r/w Rule 6 (1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019. 2. This Tribunal vide order dated 30/05/2022 appointed Mr. Rajendra Jain having Reg. No. IBBI/IPA-002/IPN00732/ 2018-19/12353 as IRP in the matter with direction to the IRP to file his report within 10 days. 3. IRP filed his report through IA 1055/2022 on 09/11/2022 which was taken on record vide order dated 7/12/2022 and the said IA was disposed off. 4. Subsequently vide order dated 28/11/2023, IA 1055/2022 was restored on the file of this Tribunal. 5. The IRP has recommended for acceptance of the petition on the following grounds :- i.....
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....dule the outstanding is not provided, hence Application filed u/s 94 need to be accepted. 6. It is further stated in the Report that :- a) The debtor herein is one of the directors of Devkrut Engineers Pvt. Ltd., which was incorporated on 29/05/2017 under CIN No. U29308GJ2017PTC097605 and has registered office at 88, Gurukrupa Row House-2, Panchvati Apartment, Adajan Gam, Surat-395009. b) Tamilnad Mercantile Bank Ltd. (Financial Creditor) having branch at No. 2, Shree Complex, Plot-D, Block No. 180, Suart - Navsari Road, Sachin GIDC, Naka, Sachin-394230 sanctioned working capital loan in the form of cash credit limit of Rs. 1,50,00,000/- to the said Devkrut Engineers Pvt. Ltd. The loan was disbursed. The loan was renewe....
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....es were provided as detailed above by the Corporate Debtor and the Debtor herein. c. Loan account of the Corporate Debtor turned NPA on 31.03.2021. d. Demand Notice was issued on 12.04.2021 for a sum of Rs. 1,65,54,866.21/- under the SARFAESI Act. e. Corporate Debtor and Debtor have since not paid the amount. f. Financial Creditor took symbolic possession of the mortgaged property on 28.06.2021 under Section 13 (4) of the SARFAESI Act. g. OA No. 899 was filed by the Financial Creditor before Hon'ble DRT-II, Ahmedabad seeking recovery of Rs.1,79,05,482.51/- which is pending. h. SA No. 418 of 2021 was filed by the Debtor before DRT-II, Ahmedabad challenging the measures undertaken by the F....
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.... to scuttle the recovery proceedings. e. It is stated that plan, if any, will be presented before the secured creditors only after order u/s 100. 11. IA 514 of 2022 This IA was filed seeking the following prayers:- (A) Your Lordships may be pleased to allow the captioned application; (B) Your Lordships may be pleased to hold and declare that the captioned application bearing CP(I.B.) No. 125 of 2022 is filed with fraudulent or malicious intention and hence, reject the captioned application with costs; (C) Pending hearing and final disposal of the captioned application, this Hon'ble Tribunal may be pleased to not proceed with the captioned petition; (D) An ex-parte interim relief in terms of....
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....rtgaged by the debtor herein and all challenges by the debtor before the DRT failed. 15. It appears from the report of the RP that the debtor was unable to pay his debts and ultimately the RP has recommended for acceptance of the report. 16. However, when we read part IX (B)(f) of IA 1055 of 2022 (report of RP) which is reproduced in para 5(vi) of this order, we get other inferences. RP is appointed by this Tribunal to assist the Tribunal and his duty is limited to check the application and not to comment upon the conduct of the Financial Creditor or the debtor. The scope of RP's report is limited to the extent of factfinding. However, in the present matter, it appears after reading Part IX(B)(f) of the recommendation of RP, that the ....