TaxTMI 
TaxTMI 
2024 (4) TMI 1422
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....d as "IBC, 2016") r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The relief sought is to initiate Insolvency Resolution Process against the Personal Guarantor Mr. EM Najeeb Ellias Mohammed, who stood as guarantor in respect of loan availed by Corporate Debtor/Principal Borrower M/s. Green Gateway Leisure Ltd. for the default amount is Rs. 40,25,34,886/- (Rupees Forty Crore Twenty-Five Lakh Thirty- Four Thousand Eight Hundred Eighty-Six Only) in respect of credit facility availed from the Petitioner/Creditor. The Brief facts of the case are as follows: - 2. M/s. Green Gateway Leisure Ltd. (CD) was incorpor....
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....y demand promissory note for Rs. 25 Crores in favour of the financial Creditor on 12.06.2010, 29.09.2012, 24.02.2014, 12.01.2015 and 01.07.2016. Further, M/s. Air Travel Enterprises India Ltd. represented by its chairman had executed a Corporate Guarantee and other directors gave Personal Guarantee on 02.07.2010, 29.09.2012, 24.02.2014 & 12.01.2015 for the outstanding debt. After availing the loan facility there was no proper repayment in spite of repeated requests made by the Financial Creditor. The account was classified as NPA on 30.9.2015 and the Corporate Debtor was called upon to repay the debt. But the same was not done. The debt is secured through equitable mortgage upon which paripassu charge is available to the Financial Creditor.....
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....essional as IA(IBC)/176/KOB/2023 in CP(IBC)/55/KOB/2022 on 08.02.2023 recommending the admission of the Company Petition filed under Section 95 of IBC, 2016 with following observations: - i. CD owed debt to FC as evidenced by Copy of account statement where no amount has been shown as paid by CD or PG. ii. Deed of guarantees annexed with application has been executed by PG. iii. Notice under section 143(2) of SARFAESI was served on PG but he failed to repay the amount. iv. Demand notice dated 16.09.2022 and reply of PG dated 17.10.2022 v. OTS dated 20.11.2019 failed. Further time given by Hon'ble NCLAT from 09.09.2021 also not complied. Default amount Rs.45,25,34,886/- not disputed by CD ....
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....lution Process. It is seen from the report of the Resolution Professional that he has not recommended for negotiation between the parties for arriving at an amicable settlement for repayment. Hence, we allow IA(IBC)/176/KOB/2023 and take on record the report filed by the Resolution Professional under Section 99 of IBC, 2016. 10.For the reasons stated as aforesaid, we admit CP(IBC)/55/KOB/2022 filed under the provisions of Section 95 of IBC, 2016 and initiate Insolvency Resolution Process against the Respondent/Personal Guarantor. Moratorium in relation to all the debts is declared, from today i.e. date of admission of the application and shall cease to have effect at the end of the period of 180 days, or this Tribunal passes the order on....
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....e for submission of claims. 12. The publication of notice shall be made in two newspapers, one in English and other in Vernacular which have wide circulation in the State where the Corporate Debtor and Personal Guarantors reside. The Resolution Professional shall furnish two spare copies of the notice to the Registry for the record. 13. The Resolution Professional in exercise of the powers conferred under Section 104 shall prepare a list of creditors on the basis of a) the information disclosed in the application filed by the debtor under Sections 94 or 95, as the case may be; and b) claims received by the Resolution Professional under Section 102 within 30 days from the date of the notice. 14. The debtor shall pr....