In the matter of Bank of Baroda vs. Ajay Gandhi,
- CitationCP (IB)-717(MB)/2022
Ratio decidendi
The rule this decision rests on
The Tribunal, on a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, may proceed to appoint an Insolvency Professional as Resolution Professional on the strength of the financial creditor's documents (demand notice invoking the guarantee, guarantee agreements, and recall notice) and the proposed IRP's consent, with service on an unrepresented personal guarantor deemed effected where notice is returned "Unclaimed" in the registry's process.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
SECTION 95(1) OF INSOLVENCY AND BANKRUPTCY CODE, 2016 ORDER C.P. 717/2022 Counsel for the Petitioner, Mr. Shavez Mukri a/w. Mr. Vaibhav Kamble i/b. A&G Legal Associates LLP is present through virtual hearing. None appeared for the Respondent/Guarantor. The above Company Petition is filed by Bank of Baroda, Applicant/Financial Creditor herein for initiation Insolvency of Resolution Process against Shri. Ajay F. Gandhi, Respondent/Personal Guarantor of the Corporate Debtor. Notice sent to the Respondent/Personal Guarantor through registry was returned with an endorsement “Un Claimed” which is deemed service as per the law. Learned counsel appearing for the Applicant invited the attention of this Bench to the demand notice dated 23.04.2021 invoking the Guarantee against the respondent/personal guarantor and also invited the attention of this bench to the proof of delivery of the demand notice. The Applicant also invited the attention of this Tribunal to the 15th Supplemental Working
Capital Consortium Agreement Dated 20.04.2015, 15th Supplemental Joint Deed of Hypothecation Dated 20.04.2015, Agreement of Guarantee Dated 20.04.2015 & 10.06.2015. The Applicant also invited the attention of this Tribunal to the Recall Notice dated 06.06.2017 issued to Guarantor to recover outstanding loan amounts. The Applicant also suggested the name of the IRP along with his consent form in the company petition. After hearing the submissions and upon perusing the above documents, this Bench is appointing Mr. Jeetendra Rajpal Daryani (nikhil564@yahoo.com), Insolvency Professional, Registration No: IBBI/IPA- 001/IP-P00678/2017-18/11146 as the resolution professional. RP is directed to examine the petition and file his report within 10 days from the date of this order. Registry is directed to communicate this order to the Resolution Professional immediately. List this mater on 27.01.2023 for submission of the report by the Resolution Professional.
Sd/- Sd/- SATYA RANJAN PRASAD H. V. SUBBA RAO Member (Technical) Member (Judicial) --Rajeev--
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