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In the matter of Indian Bank vs. Salim Jaka,

National Company Law Tribunal3 October 2024

Ratio decidendi

The rule this decision rests on

The Adjudicating Authority's power to appoint an interim resolution professional to examine a personal insolvency petition is exercised on the petition as filed and the documents placed before it: where the financial creditor has produced the guarantee deed and a demand notice with proof of its service, the Tribunal may, after hearing the parties and perusing those documents, direct examination of the petition by a resolution professional and fix a time for the filing of the report, with a copy served on the personal guarantor and the matter listed for the report and any reply or objection of the personal guarantor.

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

Judgment

As delivered

NATIONAL COMPANY LAW TRIBUNALMUMBAI BENCH, COURT-II45. C.P. (IB)/507(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/sSalim JakaSection: 95(1) of Insolvency and Bankruptcy Code, 2016ORDERCP(IB) 507(MB)2024Presence:-Mr. Kadambari, Adv. (VC) … for Financial Creditor

Ms. Ayush J. Rajani, Adv. (VC) … for Personal Guarantor Heard the Counsel appearing for the Financial Creditor and Personal Guarantor. The above Company Petition is filed by the Indian Bank erstwhile Allahabad Bank for initiation of the Insolvency Resolution Process against Mr. Salim Jaka who is the Personal Guarantor of M/s I. B. COMMERCIAL PRIVATE LIMITED 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 14.04.2014. Learned Counsel appearing for the Financial Creditor further invited the attention of this Bench to the demand notice (Form-B) dated 15.11.2023 thereby calling upon the Personal Guarantor to pay an outstanding amount of Rs. 95,11,38,728.02/- (Rupees Ninety-Five Crores Eleven Lakhs Thirty-Eight Thousand Seven Hundred Twenty-Eight and Two Paisa Only) as on 30.09.2023 and also invited the attention of …2…

…2… this bench to the proof of the demand notice.

After hearing the Submissions and upon perusing the above documents, this bench appoints Mr. Neehal Mahamulal Pathan having IBBI Registration No. IBBI/IPA- 001/IP-P-01561/2018-2019/12406 as Resolution Professional having its registered address at R S NO. 825, Plot No.27, Sahjeevan Parisar, Karande Mala, Near TPM Church Behind Circuit House Kolhapur, Kolhapur, Maharashtra -416003, Email ID:-ca.neehal@gmail.com, Mobile No.-9822043344 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

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