In the matter of Indian Bank vs. Sanjay Pandurang Kalate,
- CitationC.P. (IB)/625(MB)2024
Ratio decidendi
The rule this decision rests on
The Tribunal, on an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 by a financial creditor against a personal guarantor, may appoint an insolvency professional as Resolution Professional to examine the petition and file a report within a stated period, where the petition is supported by the executed deeds of guarantee and a demand notice in Form-B, with proof of its service, establishing the guarantor's default in respect of the claimed outstanding debt.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-II 47. C.P. (IB)/625(MB)2024 CORAM: SHRI ANIL RAJ CHELLAN SHRI KULDIP KUMAR KAREER HON’BLE MEMBER (T) HON’BLE MEMBER (J) ORDER SHEET OF THE HEARING OF MUMBAI BENCH OF THE NATIONAL COMPANY LAW TRIBUNAL ON 14.11.2024 NAME OF THE PARTIES: - Indian Bank Vs. Sanjay Pandurang Kalate Section: - 95(1) of the Insolvency and Bankruptcy Code, 2016 ORDER Sr. 47 :- C.P. (IB)- 625/(MB)/2024 Presence: - Adv. Kadambari …. Petitioner through VC. None …. Respondent. 1. Adv. Kadambari appeared for the Petitioner. None has appeared for the Respondent. 2. Heard the Counsel appearing for the Petitioner. The above Company Petition is filed by the Indian Bank for initiation of Insolvency Resolution Process against Mr. Sanjay Pandurang Kalate who is the personal guarantor of M/s Club 29 Private Limited. 3. The Financial Creditor invited attention to the copies of the deeds of guarantee executed by the Respondent in favour of the Petitioner dated 22.03.2014, 11.03.2016, 30.08.2017, 20.06.2020 and 30.06.2020. Learned Counsel appearing for the Financial Creditor further invited the attention of this Bench --2—
--2--to the demand notice (Form-B) dated 21.10.2022 thereby calling upon the Personal Guarantor to pay an outstanding amount of Rs. 13, 14, 37,474/- (Rupees Thirteen Crores, Fourteen Lakhs Thirty Seven Thousand, Four Hundred and Seventy Four only) as on 18.10.2022 and also invited the attention of this bench to the proof of the demand notice. 4. After hearing the Submissions and upon perusing the above documents, this bench appoints Mona Vora, having IBBI Registration No. IBBI/IPA- 002/IP-N00938/2019-2020/12997 as Resolution Professional having its registered address at 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 29.01.2025 for submission of the report and reply/objection, if any, on behalf of the Respondent.
Sd/- Sd/- ANIL RAJ CHELLAN KULDIP KUMAR KAREER Member (Technical) Member (Judicial) SUSHIL/BAABAR
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