2024 (9) TMI 1605

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....odiawala, Adv. For the Respondent: PCS Mr. Vinodkumar S Shah, for Bank of Baroda JUDGEMENT 1. The Present Application is filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016 (here in after 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. The pra....

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.... Liquidation". ii. The applicant executed personal guarantees on 22.02.2013 and 06.12.2013 (along with Mr. Subhas Kedarnath Tiberwal) to secure the financial facilities aggregating to Rs.66.17 Crores availed by Corporate Debtor. iii. The Corporate Debtor has committed a default in payment of the credit facilities availed along with interest and subsequently, the financial credito....

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....his Tribunal vide order dated 30.08.2017 in CP (IB) No. 85/10/NCLT/AHM/2017 passed order for initiation of CIRP Proceedings against the Corporate Debtor. Subsequently, order for initiating Liquidation proceedings was passed against the Corporate Debtor vide order dated 27.02.2018. 3. On presentation of the application by the Applicant/Debtor, this Authority vide order dated 20.01.2023 has appoi....

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....Process. 5. From the report of Resolution Professional, it is revealed that: i. RP has recommended to accept the application for the reason as stated in the report dated 04.02.2023. ii. The Respondent has admitted to have executed the Guarantee Agreement. iii. The Respondent has demanded the amount outstanding from the Applicant vide Demand Notice dated 19.11.2015. ....