2025 (6) TMI 1186

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....ncy and Bankruptcy Code, 2016 (in short 'Code') has been admitted. 2. In brief, BBT Elevated Road Pvt. Ltd. (CD) entered into a concession agreement with Kolkata Metropolitan Development Authority (KMDA) on 28.05.2014 for development, design, financing, procurement, engineering, construction, operation and maintenance of the elevated road between Jinzira Bazar and Batanagar of the project highway on Budge Budge Trunk Road, Kolkata on DBFOT basis. The CD alongwith two directors, namely, Mr. Sumit Dabriwala and Mr. Nandu Kishinchand Belani (Appellants herein) approached the Respondent (Canara Bank) for grant of various financial facilities which were extended on 17.01.2015. As per the concession agreement dated 28.05.2014, the CD was to esta....

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....tted default in repayment of the Loan facility granted by Canara Bank. That M r. Nandu Kishinchand Belani, personal Guarantor to corporate debtor has committed default in repayment of Loan facility demanded by Canara Bank after invocation of personal guarantee. 3. That the Insolvency Application has been filed in the requisite form in terms of rule 6(1) of the Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority for Insolvency Resolution process for personal Guarantors to Corporate debtors) Rule, 2019 and the applicant has paid the requisite fees. 4. The Insolvency Application does not relate to "excluded debts" as defined under section 79(15} of the IBC Code, 2016. 5. The Personal Guarantor to the Corporate....

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....rsonal guarantor though the case was passed over once and also no reply to the report was filed but still one week was given to file the reply as a last opportunity making it clear that if the reply is not filed then the right to file the reply shall stand closed. The order dated 08.04.2024 is reproduced as under:- "1. Ld. Counsel for the Resolution Professional present. Ld. Counsel for the Financial Creditor present. None for the Personal Guarantor. 2. None appeared for personal ground in the first round. The matter was passed over however no one appears for personal guarantor again. Time to file reply to the report of resolution professional is extended by one week. It will be the final opportunity. If reply is not filed, right to sam....