Allowed

In the matter of Bank of Maharashtra v. Binod Kumar Jain, [C.P. (Ib) 649/ND/2023]

NCLT14 Feb 2024C.P. (IB) 649/ND/2023

Case brief

AI extract

What is this about?

The Tribunal, under Section 95(1) of IBC 2016, accepted the application by Bank of Maharashtra to initiate IRP against personal guarantor Mr. Binod Kumar Jain. The court appointed Mr. Santanu Kumar Samanta as Resolution Professional.

What did the court decide?

Appointment of Resolution Professional and commencement of interim moratorium.

In the matter of Bank of Maharashtra vs. Binod Kumar… — Insolvency and Bankruptcy | NCLT (2024)

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IN THE NATIONAL COMPANY LAW TRIBUNAL NEW DELHI BENCH

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(COURT – IV)

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C.P. (IB) 649/ND/2023

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[Under Section 95(1) of the Code, 2016 read with Rule 7(2) 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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IN THE MATTER OF:

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Bank of Maharashtra Versus

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… Applicant/Petitioner

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Mr. Binod Kumar Jain

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… Respondent/Personal Guarantor

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Order delivered on:14.02.2024

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CORAM: SHRI MANNI SANKARIAH SHANMUGA SUNDARAM, HON’BLE MEMBER (JUDICIAL) DR. SANJEEV RANJAN, HON’BLE MEMBER (TECHNICAL)

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PRESENT:

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For the Applicant : Attendance not marked

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ORDER

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PER: DR. SANJEEV RANJAN, MEMBER (TECHNICAL)

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The Applicant herein viz Bank of Maharashtra, has moved the present application u/s 95(1) of IBC, 2016 read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 against Personal Guarantor to M/s. Earth International Private Limited (‘Corporate Debtor’) with a prayer to initiate IR process and to pass consequent order qua the PG. According to the Ld. Counsel for the applicant, Demand Notice dated 17.09.2022 under clause (b) of sub-Section 4 of Section 95 read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for

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C.P. (IB) 649/ND/2023 Date of Order:14.02.2024

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Insolvency Resolution Process for Personal Guarantor to Corporate Debtors) Rules 2019 (ibid) demanding payment of amount of default (in Form-B) is enclosed with the application and is placed on record as Annexure A- 4 at page No. 39-54 of the application.

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The Ld. Counsel could also draw our attention to the proof of service of a copy of the application referred to in sub-Rule 1 of the afore-mentioned Rules, upon the Personal Guarantor but not upon the Corporate Debtor for whom the guarantor is a Personal Guarantor. We have also perused the Judgment of the Hon’ble Supreme Court of India delivered in a Batch of 384 petitions including WP (Civil No. 1281/2021 Dilip B Jiwrajka vs. Union of India & Ors. filed under Article 32 of the Constitution of India, on 09.11.2023.

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As per the provision of the Law, on filing of this application, the interim moratorium as stipulated under Section 96(1)(a) of IBC, has already commenced qua all debts of the Personal Guarantor.

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The applicant has proposed the name of Mr. Santanu Kumar Samanta to act as RP. Accordingly, this Adjudicating Authority, hereby appoints Mr. Santanu Kumar Samanta, (Email ID: [email protected]) as Resolution Professional, whose details are given below:

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IBBI Registration No. : IBBI/IPA-001/IP-P-02324/2020-2021/13511 E-mail Address : [email protected] Contact Number : 9810031794

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The Resolution Professional so appointed shall perform all the functions as stipulated under Section 99 of IBC, 2016 read with Rules made thereunder. He shall also examine the application and make recommendations with reasons in writing for acceptance or rejection of the present application within the period of 10 working days as stipulated under Section 99 of IBC, 2016.

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C.P. (IB) 649/ND/2023 Date of Order:14.02.2024

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The Resolution Professional shall give a copy of its Report to the Applicant as well as the Creditors of the Applicant as soon as the same is filed before this Authority.

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The Applicant and his counsel are directed to make available a copy of this order along with a copy of the application and documents immediately to Mr. Anil Kumar, Resolution Professional by all modes for information and necessary compliance.

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