In the matter of Axis Bank Ltd. vs. Govindbhai Veljibhai Patel,
- CitationCP IB/17(AHM)/2024
Ratio decidendi
The rule this decision rests on
The Tribunal's order rests on the procedural course it takes under Part III of the IBC: having been satisfied that the personal guarantor was served with the demand notice and that the application is properly before it, the Tribunal appoints a Resolution Professional and directs him to examine the application and report on approval or rejection under Section 99, deferring the creditor's defences to the admission stage under Section 100 rather than deciding them at this point.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
PRESENT: For the Applicant : Mr. Ishan Joshi, Adv. a.w Mr. Hem Buch, Adv. & Mr. Dhanesh Desai, Adv. For the Respondent : ORDER
This application has been filed u/s 95 of IBC, 2016 by the creditor against the Personal Guarantor of Ambition Mica Limited. From the records, it is seen that the Personal Guarantor has executed a deed of guarantee on 30.03.2018. The amount of default is Rs. 23,55,97,901/- An affidavit has been filed by the applicant that notice has been served on the personal guarantor. The applicant issued demand notice under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantor to Corporate Debtor) Rules, 2019 to the Personal Guarantor on 18.04.2023. The date of default is mentioned in the application is 17.06.2022. All the defences raised by the creditor will be considered when the report is filed by the Resolution Professional and matter is taken up for admission / rejection u/s 100 of the IBC, 2016. Accordingly, We hereby appoint Mr. Rathin Amishbhai Majmudar having Registration No. IBBI/IPA-001/IP-P-02576/2021-2022/13928 as the Resolution Professional in respect of Personal Guarantor. Resolution Professional is required to examine the application as set out in Section 97(6) of IBC, 2016 and file a report recommending for approval or rejection of the application within a period of 10 days in terms of Sec 99 of IBC 2016 by separate IA and serve a copy to the respondent.
PC
Applicant to serve a copy of this application to the Resolution Professional for preparing report u/s 99 of IBC, 2016. The application filed is admitted and disposed-off.
-Sd- -Sd- DR. V. G. VENKATA CHALAPATHY CHITRA HANKARE MEMBER (TECHNICAL) MEMBER (JUDICIAL)
PC
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