2024 (11) TMI 1471

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.... the Personal Guarantor / Respondent Mr. T. R. Vishwanathan of M/s. Indalloys And Extrusion Pvt Ltd., the Corporate Debtor. 2. As per the averments made in the Petition, M/s. Indalloys and Extrusion Pvt Ltd., had taken credit facilities from the Petitioner. The Respondent herein had given personal guarantee to the said loan. 3. In Part-III of the Petition, the Petitioner has given the particulars of Total debt as Rs. 32.62 Crores (Rupees Thirty Two Crore Sixty Two Lakhs only) as on 22.07.2024, amount in default as Rs. 15.69 Crores (Rupees Fifteen Crore Sixty Nine Lakhs only) as on 11.02.2009. The Date on which actual debt became due was 30.04.2009. But a Debt Recovery Certificate was issued on 27.07.2021 by the Learned DRT -....

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....shall provide a copy of the application to the debtor and the application shall be in such form and manner. 7. Hon'ble Supreme Court in the matter of Dilip B Jiwrajka -Vs- Union of India & Ors in Writ Petition (Civil) No 1281 of 2021 while dealing with the jurisdiction of NCLT in relation to adjudication of cases filed under Section 94 and 95 of IBC, 2016 has summarized in para-86 as follows; 86. We summarise the conclusion of this judgment below: (i) No judicial adjudication is involved at the stages envisaged in Sections 95 to Section 99 of the IBC; (ii) The resolution professional appointed under Section 97 serves a facilitative role of collating all the facts relevant to the examination of the application for the co....

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....in nature and hence does not bind the adjudicatory authority when it exercises its jurisdiction under Section 100; (vii) The adjudicatory authority must observe the principles of natural justice when it exercises jurisdiction under Section 100 for the purpose of determining whether to accept or reject the application; (viii) The purpose of the interim-moratorium under Section 96 is to protect the debtor from further legal proceedings; and (ix) The provisions of Section 95 to Section 100 of the IBC are not unconstitutional as they do not violate Article 14 and Article 21 of the Constitution. 8. Hon'ble Supreme Court has held that no judicial adjudication is involved at the stages envisaged in Sections 95 to Sect....