TaxTMI 
TaxTMI 
2024 (4) TMI 537
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.... 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 by Bank of Baroda (hereinafter referred to as "Financial Creditors") for the purpose of initiating insolvency process against Mrs. Zulekha Amir Dodhia (hereinafter referred to as "Personal Guarantor/Respondent") for recovery of Rs. 50,14,15,575 as on 31.10.2020 plus unapplied interest w.e.f. 01.11.2020 and other relevant charges till the date of full and final payment. The date of default is stated to be 10.02.2018. The Corporate Debtor was brought under CIRP under Section 7 of the IBC vide order dated 25.09.2019. 2. It is stated that, a letter of Guarantee dated 23.04.201....
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....BC,2016 for initiating Insolvency Resolution Process against the Personal Guarantor, this tribunal This Tribunal vide order dated 08.03.2022 had appointed Mr. Shailesh Bhalchandra Desai bearing Registration No. IBBI/IPA-001/IP-. P00180/2017-18/10362 as Resolution Professional and directed to exercise all the powers as enumerated u/s.99 of the Code, R/w. Rules made thereunder. Accordingly, he has filed a report on 31.03.2022 and was further directed to make recommendations with reasons in writing for acceptance or rejection of the Company Petition. 8. The ground for admission of the application was recorded by the RP (Resolution Professional) in report as Tabular Form which are as follows: a. That report is being prepared in compliance wi....
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.... is barred by law of limitation. c. That the Applicant had already filed the company petition against the other Personal Guarantor, wherein the Resolution Professional is already appointed and therefore appointing of Resolution Professional in respect of the same debt against this respondent as Guarantor for the same claim is not permissible under the law. d. That the Applicant has filed the Application and seeking relief against the Respondent in respect of the loan already paid off/ settled of the principal borrower i.e. Calchem Industries (India) Limited, under the Resolution Plan (which is pending approval), will be considered as payment of the entire debt due and payable by the borrower under the loan transaction facilities granted....
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....al under Section 97(5) of the IBC is rejected. No such adjudicatory function is contemplated at that stage. To read in such a requirement at that stage would be to rewrite the statute which is impermissible in the exercise of judicial review; iv. The resolution professional may exercise the powers vested under Section 99(4) of the IBC for the purpose of examining the application for insolvency resolution and to seek information on matters relevant to the application in order to facilitate the submission of the report recommending the acceptance or rejection of the application; v. There is no violation of natural justice under Section 95 to Section 100 of the IBC as the debtor is not deprived of an opportunity to participate in the proce....