The case involves an application filed by IDBI Limited under Section 95(1) of the Insolvency and Bankruptcy 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 Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Shri Ramesh Chandra Bardia, the personal guarantor for EMC Limited. The application seeks to recover a total debt of Rs. 126,76,18,719.24 as of 01/09/2021.
IDBI Limited filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Shri Ramesh Chandra Bardia, who is the personal guarantor for EMC Limited. The application was filed to recover a debt of Rs. 126,76,18,719.24 as of September 1, 2021. An RP had already been appointed against the same personal guarantor in CP(IB)/318(KB)2021. The court considered the implications of Section 96 of the IBC, which provides for an interim moratorium upon the filing of an application under Section 94 or 95. The existence of the interim moratorium was a key fact in the court's decision.
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The case involves an application filed by IDBI Limited under Section 95(1) of the Insolvency and Bankruptcy 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 Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Shri Ramesh Chandra Bardia, the personal guarantor for EMC Limited. The application seeks to recover a total debt of Rs. 126,76,18,719.24 as of 01/09/2021.
IDBI Limited filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Shri Ramesh Chandra Bardia, who is the personal guarantor for EMC Limited. The application was filed to recover a debt of Rs. 126,76,18,719.24 as of September 1, 2021. An RP had already been appointed against the same personal guarantor in CP(IB)/318(KB)2021. The court considered the implications of Section 96 of the IBC, which provides for an interim moratorium upon the filing of an application under Section 94 or 95. The existence of the interim moratorium was a key fact in the court's decision.
The total debt demanded…
The order was…