In the matter of Indian Bank vs. Manjusha Ishwar Parmar,

National Company Law Tribunal3 October 2024

CitationC.P. (IB)/518(MB)2024

Ratio decidendi

The rule this decision rests on

The Tribunal, on a Section 95(1) application, may appoint an insolvency professional as Resolution Professional to examine the petition and file a report when the financial creditor has shown, by the guarantee deed and the demand notice with proof of service, that the personal guarantor is indebted and in default under the guarantee. Where the personal guarantor has been duly served with court notice and fails to appear, the Tribunal may proceed against him ex parte and decide the application on the material placed by the financial creditor, the personal guarantor having been given the opportunity to be heard.

Written by Miss Lucy from the judgment below, not taken from a headnote.

Judgment

As delivered

NATIONAL COMPANY LAW TRIBUNALMUMBAI BENCH, COURT-II47. C.P. (IB)/518(MB)2024CORAM:SHRI ANIL RAJ CHELLAN SHRI KULDIP KUMAR KAREERHON’BLE MEMBER (T) HON’BLE MEMBER (J)ORDER SHEET OF THE HEARING OF MUMBAI BENCH OF THENATIONAL COMPANY LAW TRIBUNAL ON 03.10.2024NAME OF THE PARTIES: Indian BankV/sManjusha Ishwar ParmarSection: 95(1) of Insolvency and Bankruptcy Code, 2016ORDERCP(IB) 518(MB)2024Presence:-Mr. Tejasvi Dalvi, Adv. (VC) … for Financial CreditorNone … for Personal Guarantor

A perusal of the record reveals that court notice was issued to the Personal Guarantor which has duly been served upon the Personal Guarantor as can be manifested from the track consignment report. However, despite service of court notice none has come present on behalf of the Personal Guarantor, therefore, the Personal Guarantor is proceeded ex-parte.

Heard the Counsel appearing for the Financial Creditor. The above Company Petition is filed by the Indian Bank for initiation of the Insolvency Resolution Process against Manjusha Ishwar Parmar who is the Personal Guarantor of the M/s Ishwar Constructions Private Limited.

…2…

The Financial Creditor invited attention to the copy of the deed of guarantee executed by the Personal Guarantor in favour of the Financial Creditor dated 30.01.2018. Learned Counsel appearing for the Financial Creditor further invited the attention of this Bench to the demand notice (Form-B) dated 20.05.2022 thereby calling upon the Personal Guarantor to pay an outstanding amount of Rs. 10,70,01,487/- (Rupees Ten Crores Seventy Lakhs One Thousand Four Hundred Eighty-Seven Only) as on 20.11.2023 and also invited the attention of this bench to the proof of the demand notice.

After hearing the Submissions and upon perusing the above documents, this bench appoints Ms. Mona Vora having IBBI Registration No. IBBI/IPA-002/IP- N00938/2019-2020/12997 as Resolution Professional having its registered address at Mona Vora. A-1, Vineet Apartment Co. Op. Hsg. Society, Majithia Nagar Compound, S.V.Road, Kandivali West, near PVR Milap Talkies, Mumbai City, Maharashtra 400067, Email ID:- advmonavora@gmail.com, Mobile No.-9699960283 to examine the Petition and file his report within 10 days from the date of the uploading the order. A copy of the report be served upon the Personal Guarantor. List this matter on 29.11.2024 for submission of the report and reply/objection, if any, on behalf of the Personal Guarantor.

Sd/- Sd/- ANIL RAJ CHELLAN KULDIP KUMAR KAREER Member (Technical) Member (Judicial) ANKIT/ NAVNATH

This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.

Research this judgment with Miss Lucy

Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.

Try Miss Lucy free