2024 (10) TMI 1676

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....uarantor/ Respondent S.P. Bhooma of M/s Indalloys & Extrusion 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 is Rs. 32,62,00,000 crores/- (Rupees Thirty-Two Crores Sixty-Two Lakhs Seven Crores Only), amount of default is Rs. 15,69,00,000 /- (Rupees Fifteen Crores Sixty-Nine Lakhs Only) and date of defa....

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....and and the relevant evidence of such default or non-payment of debt. It also 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 9....

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....00 whether to accept or reject the application. The report of the resolution professional is only recommendatory 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. The Ho....