In the matter of IDBI Bank Ltd. vs. Prince Goyal,

MUMBAI BENCH-IV CP (IB) No.219/MB-IV/2021 2. This is a Company Petition filed by IDBI Bank Limited, (“the Applicant”), 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 Prince Goyal (“the Personal Guarantor”).

3. This Company Petition is filed by the Applicant through Mr. Surya Pratap Gupta, the Insolvency Professional claiming total outstanding of Rs.86,99,49,261.51/- (Rupees eighty-six crore ninety-nine lakh forty-nine thousand two hundred sixty-one and fifty-one paise only)

4. The Learned Counsel for the Applicant submits that the Petition bearing CP No. 3419/MB/2019 under section 7 of the Code was admitted against the Corporate Debtor on 03.03.2020.

5. The Learned Counsel for the Applicant further submits that the Liquidation order under section 33(1) of the Code was passed by the Adjudicating Authority on 04.12.2020 against the Corporate Debtor.

6. The Learned Counsel for the Applicant submits that the Personal Guarantee was invoked on 27.05.2019 by the Applicant.

7. Demand Notice dated 07.12.2020 under Rule 7 (1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution of Personal Guarantor to Corporate Debtors) Rules, 2019 was issued to the Personal Guarantor claiming total outstanding of Rs.86,99,49,261.51/- (Rupees eighty-six crore ninety-nine lakh forty-nine thousand two hundred sixty-one and fifty-one paise only). The Said Demand Notice was served upon the Personal Guarantor via Registered Post on MUMBAI BENCH-IV CP (IB) No.219/MB-IV/2021 12.12.2020. However, the Personal Guarantor has not replied to the said Demand Notice.

8. The Petition was served upon the Personal Guarantor via Speed Post on 03.04.2021.

ORDER 9. That this bench appoints Mr. Surya Pratap Gupta, Insolvency Resolution Professional having Registration No. IBBI/IPA-001/IP-P01060/2017- 2018/11753; 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.

10. 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.

11. That 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 Professional (RP) immediately to initiate the process which shall be adjusted towards the fee and expenses payable to the Resolution Professional (RP).

12. 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.

13. During such interim-moratorium period-

MUMBAI BENCH-IV CP (IB) No.219/MB-IV/2021 (i) any legal action or proceeding pending in respect of any debt shall be deemed to have been stayed; and (ii) the creditors of the debtor shall not initiate any legal action or proceedings in respect of any debt

14. The registry is directed to immediately communicate this order to the Financial Creditor, Personal Guarantor, Corporate Debtor and Resolution Professional even by way of email. Compliance report of the order by designated Registrar is to be submitted today.

Sd/- Sd/- SdRajesh Sharma Suchitra Kanuparthi Member (Technical) Member (Judicial) 12.08.2021