2025 (6) TMI 2166

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....Adjudicating Authority for Personal Insolvency Resolution Process for Personal Guarantor to Corporate Debtor), Rules 2019 for initiation of insolvency resolution process against Mr. Kapil Shroff, the Personal Guarantor to the Corporate Debtor, Space Matrix Limited of Rs. 1,17,50,00,000.00 (Rs One Hundred Seventeen Crore Fifty Lakh Only) as on 28.02.2022. 3. The Hon'ble Adjudicating Authority vide order dated 28.08.2019 initiated CIRP of the Corporate Debtor. 4. As on 28.02.2022, an amount of Rs. 1,17,50,00,000.00 (Rs One Hundred Seventeen Crore Fifty Lakh Only) is payable by the Personal Guarantor to the Applicant bank together with future interest including penal interest and charges by virtue of the following documents:- ....

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....e Code and the Insolvency Resolution Process be commenced against the Personal Guarantor, viz., Kapil Shroff. 10. In Response to the Report filed by the Resolution Professional, the Personal Guarantor filed its reply and raised the following objections on the maintainability of the Petition being time barred: a. The Personal Guarantor did not receive Form B. However, the Personal Guarantor received Form B attached with this application, when the section 95 application was served to the Personal Guarantor. b. The account of the Corporate Debtor, Space Matrix Limited turned NPA on 22 September 2017 and the Financial Creditor has issued demand Notice on 26.03.2018. The Present Application is filed on 31.05.2022. Hence the ....

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....rate Debtors rules,2019) was not served upon the Respondent herein and no proof of service of Form B is attached to the Petition. 15. Under Rule 3(1)(e) of insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. 'Guarantor' is defined as under: - "guarantor" means a debtor who is a personal guarantor to a corporate debtor and in respect of whom guarantee has been invoked by the creditor and remains unpaid in full or part; In absence of valid invocation, application under section 95 is not maintainable. 16. Further, under Section 95(4)(b) of the Insolvency Bankruptcy Code, 2016 read with Rule 7(1) of the Insolvency & Bankru....