2025 (1) TMI 1796

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....o. 1129 (ND)/2020 and IA No. 5335/ND/2022 were rejected. 2. The brief facts of this case are that the appellant stood as Personal Guarantor of Jungrele Info Solutions Pvt. Ltd. (Corporate Debtor) in respect of an unsecured loan of Rs. 10,00,000/-availed by the corporate debtor from Barclays Bank (for short 'the bank') on 09.08.2008. The said loan was assigned by the Bank to the present Respondent i.e. Phoenix ARC Pvt. Ltd. vide an assignment deed dated 06.11.2012. 3. The assignee/Respondent herein filed an O.A. No. 36/2016 before the DRT. The DRT vide its order dated 18.11.2015 fixed the liability of the Corporate Debtor assessing the amount of Rs. 13,68,593/- with 13% interest p.a. A recall notice was issued on 24.11.2015. 4. The ....

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....ed Petition is bona fide and not filed with the intention of defrauding any creditor of the Guarantor or the Resolution Professional. d. There is no possibility of any settlement between the Financial Creditor and the Guarantor". Prayer In the facts and circumstances of the present matter, as elucidated hereinabove, the humble Resolution Professional prays that this Hon'ble Tribunal be pleased to: a. Take on record the present Report under Section 99 of the Insolvency and Bankruptcy Code, 2016; b. Condone the delay of 48 days in filing of the present Report; and c. Pass any other such orders or directions as this Hon'ble Tribunal may deem fit in the Interest of justice. ....

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....s the Debtor is not in a position to give any Repayment Plan. 6. If the application is admitted under section 100, the same shall lead to rejection by the Creditor under section 112, as the debtor will not be able to make any payment to the creditor. 7. The debtor will not get discharge order, and the entire exercise will be ineffective. 8. In view of the above submissions the RP is of view that the application filed by the Debtor should be rejected by the Hon'ble NCLT. Prayer It is, therefore, humbly prayed that for the reasons as aforementioned: a) Dismiss the Company petition no. IB-1129/ND/2020. b) If the Hon'ble Court admits the application and appoints RP in this m....

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....rds any settlement of his debt with the creditor, he had enough time to pay by way of restructuring plans, or otherwise, if any. 8. Thus, IA-6697 of 2023, prayer (a) is hereby allowed and the present application is disposed of with the above direction and the CP (IB) No. 1129/ND/2020 and IA-5335 of 2022 are hereby rejected and disposed of and in terms of Section 100(4) of the Code, the Creditors of the Personal Guarantor are entitled to file for a bankruptcy order under Chapter IV of the Code". 11. Aggrieved against the aforesaid order, the present appeal has been filed. Counsel for the appellant, during the course of the hearing has fairly conceded that the appellant does not have a single penny to pay to its creditors. However....