In the matter of Rupinder Singh Khurana vs. ICICI Bank Ltd. & Ors.
- CitationCP IB No. 114-ND-2021
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority, on a personal guarantor's own application under Section 94 of the Code read with the Personal Guarantor Rules and Regulations, may admit the petition and appoint a Resolution Professional from the IBBI panel where the application does not propose one, directing the Resolution Professional to file a report under Section 99 within the statutory period and directing that a copy be supplied to the personal guarantor and financial creditors.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE NATIONAL COMPANY LAW TRIBUNAL NEW DELHI BENCH COURT-IV CP IB NO. 114/ND/2021 An application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016
IN THE MATTER OF: Mr. Rupinder Singh Khurana ...Applicant Versus ICICI Bank Ltd. & Ors. ... Respondent
Order Delivered on: 09.01.2024 CORAM: SHRI MANNI SANKARIAH SHANMUGA SUNDARAM, HON’BLE MEMBER (JUDICIAL) DR. SANJEEV RANJAN, HON’BLE MEMBER (TECHNICAL) Appearances (through Video Conferencing/physical hearing) For the Applicant : Mr. Ompal, Adv., & Anirudh Kumar, Adv. For the Bank/Respondent No. 1 : Mr. Chandrashekhar A Chakalabbi & Ms. Aishwarya N Hiremath, Advs. ORDER PER: MANNI SANKARIAH SHANMUGA SUNDARAM, MEMBER (JUDICIAL)
1. The present Petition CP (IB) No. 114/ND/2021 is filed under section 94(1) of the Insolvency and Bankruptcy Code, 2016 (‘Code’) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution process for Personal Guarantors to Corporate Debtor) Rules, 2019 (‘Personal Guarantors Rules’) and regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 (‘Personal Guarantors Regulations’) filed by Mr. Rupinder Singh Khurana, Personal Guarantor of M/s V. Angelz Technologies Private Limited, (Corporate Debtor) for initiating the Insolvency Resolution Process (‘IR Process’).
CP IB No. 114/ND/2021 Order Delivered on: 09.01.2024
2. The Applicant has filed the present petition seeking insolvency resolution process against itself. On perusal of the records, it is observed that a copy of the application has already been served to the Financial Creditor and the Corporate Debtor for whom the Guarantor is a Personal Guarantor in accordance with Rule 6(2) of the Personal Guarantors Rules.
3. The name of RP has not been proposed in the application. From the panel of Insolvency Professional(s) (IPs) valid for the period – January 1, 2024 – June 30, 2024 issued by IBBI, this Adjudicating Authority, hereby appoints Mr. Dharmendra Kumar, Email – kumard36@hotmail.com, Reg. No: IBBI/IPA- 003/IP-N000112/2017-18/11264, as the Resolution Professional in the matter. The Resolution Professional is to file the Assignment Declaration and Authorization for Assignment details within 7 (seven) days from today with the Registry.
4. The Resolution Professional is directed to file his report in terms of Section 99 of the Code and the relevant Regulations within the period of 10 working days as stipulated under Section 99 of IBC, 2016.
5. A copy of the Report by the Resolution Professional under Section 99 to be filed, shall be forthwith provided to the Personal Guarantor and Financial Creditors of the Petitioner.
6. List the matter on 29.01.2024 for the perusal of the Report of the RP and further proceedings.
Sd/- Sd/- DR. SANJEEV RANJAN MANNI SANKARIAH SHANMUGA SUNDARAM MEMBER (TECHNICAL) MEMBER (JUDICIAL)
CP IB No. 114/ND/2021 Order Delivered on: 09.01.2024
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