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In the matter of Solapur Janata Sahakari Bank Ltd. v. Dattatray Sudhakar Hande, Cp (IB)/342(MB)/2022

NCLT14 Sept 2022

Case brief

AI extract

What is this about?

The NCLT Mumbai Bench initiated the Personal Insolvency Resolution Process against Dattatray Sudhakar Hande as the personal guarantor of a corporate debtor. The court appointed a Resolution Professional, directed advance payment of fees, and declared the commencement of interim moratorium.

What did the court decide?

Initiation of CIRP against Personal Guarantor; Appointment of Resolution Professional; Declaration of interim moratorium.

In the matter of Solapur Janata Sahakari Bank Ltd. Vs… — Insolvency and Bankruptcy | NCLT (2022)

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NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH COURT-IV

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C.P. (IB)/342(MB)2022

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CORAM:

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SHRI SATYA RANJAN PRASAD MEMBER (Technical)

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SHRI KISHORE VEMULAPALLI MEMBER (Judicial)

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ORDER SHEET OF THE HEARING HELD ON 14.09.2022

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Name of the Party:

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Solapur Janata Sahakari Bank Limited Vs.

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Dattatray Sudhakar Hande (Personal Guarantor of) M/S. Shetkari Sakhar Karkhana (Chandrapuri) Limited

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Section 95 (1) of Insolvency and Bankruptcy Code, 2016

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ORDER

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The Court is convened through Video Conference.

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Ms. Jesal Singh, Ld. Counsel for the Financial Creditor present. No representation on the part of the Corporate Debtor.

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This is a Company Petition filed by Solapur Janata Sahakari Bank Limited (“the Financial Creditor”), 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 the Corporate Debtors) Rules, 2019 seeking to initiate Personal Insolvency Resolution Process (CIRP) against Mr. Dattatray Sudhakar Hande (“the Personal Guarantor”).

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Counsel for the Financial Creditor submits that the copy of Demand Notice was successfully delivered upon the Personal Guarantor to the Corporate Debtor by way of Speed Post on 27.12.2021.

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Counsel for the Financial Creditor submits that the copy of the Petition and Court Notice was served to the Personal Guarantor by way of Registered Post on 11.03.2022 and 05.04.2022. As per the tracking report of the Registered Post, the said packet was out for delivery with the remarks “ refused ”. Thereafter, this Bench ordered on 09.05.2022, the Financial Creditor was directed to take out substituted service by

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way of newspaper publication clearly intimating the next date of hearing in two daily leading newspaper and the requirement u/s 95 of the Code is completed.

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This Bench appoints Mr. Rakesh Kumar Tulsyan , Insolvency Resolution Professional having Registration No. IBBI/IPA-001/IPP01144/2018-2019/11970; E-mail ([email protected]), as the Resolution Professional in the matter. The fee payable to Resolution Professional shall be in accordance with the Insolvency and Bankruptcy Board of India (IBBI) Regulations/Circulars/ Directions issued in this regard.

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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.

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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 immediately to initiate the process which shall be adjusted towards the fee and expenses payable to the Resolution Professional.

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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.

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