TaxTMI 
TaxTMI 
2024 (9) TMI 1763
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Pvt Ltd., the Corporate Debtor. 2. As per the averments made in the application, M/s Indalloys & Extrusion Pvt Ltd., CIN: U27209TN1995PTC031043 had taken credit facilities from the Applicant. The Respondent herein had given personal guarantee to the said loan. The Corporate Debtor failed to repay the debt which made the Applicant initiate CIRP against the Personal Guarantor. 3. In Part-III of the application, the Applicant has given the particulars of debt as on 22.07.2024 as Rs. 32,62,00,000/- (Rupees Thirty-Two Crores Sixty-Two Lakhs Seven Crores Only), amount of default as Rs. 15,69,00,000 /- (Rupees Fifteen Crores Sixty Nine Lakhs Only) and date of default is 30.04.2009. The amount of default as per Recovery Certificate hav....
X X X X Extracts X X X X
X X X X Extracts X X X X
....provides that "the creditor 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 -VsUnion 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 applicat....
X X X X Extracts X X X X
X X X X Extracts X X X X
....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. The Hon'ble Supreme Court has held that no judicial adjudication is involved at the stages envisaged in Sections 95 to Section 99 of the IBC and als....