In the matter of Abhyudaya Co. Op. Bank Ltd. vs. Anita Bhushan Patil,
- CitationC.P. (IB)/810(MB)2024
Ratio decidendi
The rule this decision rests on
The order does not decide any contested question of law; it records that the Financial Creditor's Section 95 application was filed with a deed of guarantee and a Form B demand notice served by speed post on the Personal Guarantor, that the statutory requirement was therefore complete, and it then makes procedural directions (appointment of a Resolution Professional, timeline for report, advance payment of fees, and commencement of the interim moratorium under Section 96(1)(a)). These directions rest on the bare finding of completeness rather than on any articulated legal principle. NO_RATIO: the order contains no reasoned statement of a legal principle; it records a factual finding that the Section 95 requirements were satisfied and issues consequential procedural directions without elaborating any rule of law.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
1) Ld. Counsel, Maulik Chokshi i/b Amar Khanna, Sashikala Chauhan and Sayali Patil appeared for the Financial Creditor. None present on behalf of the Personal Guarantor. 2) This is a Company Petition filed by Abhyudaya Co-Op Bank Limited (“the Financial Creditor”), under Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC) read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 seeking to initiate Personal Insolvency Resolution Process (CIRP) against Ms. Anita Bhushan Patil, the Personal Guarantor.
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3) Ld. Counsel for the Financial Creditor invited the attention of this bench to the deed of guarantee dated 05.12.2013 executed by the Personal Guarantor and the copy of Demand Notice (Form B) dated 29.06.2024 was successfully delivered upon the Personal Guarantor on 03.07.2024 on their last known correct address though Speed Post and the requirement u/s 95 of the Code is complete. 4) This bench appoints Mr. Manish Lalji Dawada, having registration number IBBI/IPA-001/IP-02506/2021-22/13797, Email: dawdamanish@gmail.com; Mob: 8767645419 as the Resolution Professional (RP) in the matter. The fee payable to Resolution Professional (RP) shall be in accordance with the Insolvency and Bankruptcy Board of India (IBBI) Regulations/Circulars/ Directions issued in this regard. 5) The Resolution Professional shall examine the Application within 10 days from the date of his appointment and submit its report to the Adjudicating Authority recommending for approval or rejection of the Application as referred under section 99(1) of the Code. The RP is also directed to serve the copy of report on both the sides Financial Creditor as well as the Personal Guarantor and file proof of service of report. 6) This Bench also directs for an advance payment of Rs.2,00,000/- (Rupees two lakh only) to be paid by the Financial Creditor to the Resolution --3--
--3-- Professional (RP) immediately to initiate the process which shall be adjusted towards the fee and expenses payable to the Resolution Professional (RP). 7) The interim-moratorium under Section 96(1) (a) of the Insolvency and Bankruptcy Code, 2016 has commenced on the date of filing of this application by the Financial Creditor and will cease to have effect on the date of admission. 8) During such interim-moratorium period – a. any legal action or proceeding pending in respect of any debt shall be deemed to have been stayed; and b. the creditors of the debtor shall not initiate any legal action or proceedings in respect of any debt.
Sd/- Sd/- PRABHAT KUMAR JUSTICE VIRENDRASINGH BISHT MEMBER (TECHNICAL) MEMBER (JUDICIAL) ANKIT
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