Disposed

In the matter of R. Aruna, [CP(IB)/19/(CHE)/2024]

NCLT19 Feb 2024CP(IB)/19/(CHE)/2024

Case brief

AI extract

What is this about?

The Tribunal accepted the application initiated by a personal guarantor, R. Aruna, against her Corporate Debtor, M/s. Sign Tech Urban Infra Furniture Pvt. Ltd, for the commencement of an insolvency resolution process under Section 94 of the IBC, 2016, appointing an interim resolution professional.

What did the court decide?

Appointment of Sudhir GS as Interim Resolution Professional and direction to examine the application within 10 days.

In the matter of R. Aruna, [CP(IB)/19/(CHE)/2024] — Insolvency and Bankruptcy | NCLT (2024)

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IN THE NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH – I, CHENNAI

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CP(IB)/19/(CHE)/2024

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(Filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016 read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019)

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Ms. R.Aruna, Guarantor, No.3/132, Ramapuram Main Road,

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Manapakkam, Chennai-600125 ...Applicant/Guarantor

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Order pronounced on 19^th February, 2024

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CORAM:

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SANJIV JAIN, MEMBER (JUDICIAL) VENKATARAMAN SUBRAMANIAN, MEMBER (TECHNICAL)

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Present: For Applicant : AG Sathyanarayanan

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O R D E R

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( Hearing Conducted through Video Conferencing )

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This application has been filed under Section 94(1) of the

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Insolvency and Bankruptcy Code, 2016 ('Code'/ 'IBC') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating

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Authority for Insolvency Resolution Process for Personal Guarantors to

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Corporate Debtor) Rules, 2019 ('Rules') by the Applicant/ Personal

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Guarantor R. Aruna. The prayer made is to initiate the Insolvency

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Resolution Process in respect of Ms. R. Aruna , being the Personal

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CP(IB)19(CHE)2024 In the matter of R.Aruna

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Page 1 of 4

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Guarantor for M/s. Sign Tech Urban Infra Furniture Pvt. Ltd. ('Corporate Debtor") .

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As per the averments made in the application, M/s. Sign Tech Urban Infra Furniture Pvt. Ltd had taken credit facilities from the Indian Bank. The Applicant herein had given personal guarantee to the said loan. The Corporate Debtor failed to repay the debt and in pursuance of which the present application has been filed.

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In Part-III of the application, the Applicant has given the particulars of debt as Rs.1,68,03,727/- (Rupees One Crore Sixty Eight Lakhs Three Thousand Seven Hundred And Twenty Seven Only), amount of default as Rs.1,68,03,727/- (Rupees One Crore Sixty Eight Lakhs Three Thousand Seven Hundred And Twenty Seven Only) and date of default as 30.04.2023. The Applicant has placed Copy of Demand Notice dated 02.05.2023 issued by Indian Bank U/s 13(2) of the SARFAESI Act, 2022. The documents are placed at Page 36-39.

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As per Rule 6(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, the Guarantor

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has served a copy of this application to every Financial Creditor and

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CP(IB)19(CHE)2024 In the matter of R.Aruna

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Page 2 of 4

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the Corporate Debtor for whom the guarantor is a personal guarantor. It is seen that the Guarantor has annexed proof of service to the creditors and Corporate Debtor. The same is placed at Page 53 of the Application .

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We have heard Learned Authorized Representative for the Applicant.

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Section 94 of IBC provides that a debtor may apply either by himself, or jointly with Partners, or through a Resolution Professional to the Adjudicating Authority for initiating an Insolvency Resolution Process under the Section by submitting an application.

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Considering the above facts and the case supra, we appoint the

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Resolution Professional who will collate all the facts relevant to the examination of the application for the commencement of the Insolvency Resolution Process in respect of the Personal Guarantor.

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In the instant case, the Applicant has not proposed the name of the Resolution Professional. Hence, this Tribunal based on the latest list furnished by Insolvency and Bankruptcy Board of India applicable

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for the period January 2024 – June 2024 appoints Sudhir GS with Reg

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No: IBBI/IPA-001/IP-P-02744/2022-2023/14183 ( Email Id:

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CP(IB)19(CHE)2024 In the matter of R.Aruna

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Page 3 of 4

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[email protected] ) ( whose AFA is valid till 18.09.2024)as Interim

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Resolution Professional in respect of the Personal Guarantor.

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The Applicant is directed to pay a sum of Rs. 25,000/- (Rupees Twenty Five Thousand Only) to the Interim Resolution Professional to meet out the expenses to perform the functions assigned to him.

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The Resolution Professional is directed to examine the application as set out in Section 97(6) of IBC, 2016 who after examining, may recommend for the acceptance / rejection of the application as provided under Section 97(6) of IBC, 2016, within a

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period of 10 days as contemplated under Section 99(1) of IBC, 2016.

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