That the Corporate Debtor, M/s Deltronix India Limited as Borrower, has been availing various loan/credit facilities from the State Bank of India “Applicant Bank” from time to time. Mrs. Deepali Gupta, one of the Directors of the Corporate Debtor had given his personal guarantees in respect of the credit/loan facilities granted to Corporate Debtor by the Applicant Bank.
That the Corporate Debtor as borrower along with Mrs. Deepali Gupta (present Respondent) as guarantor time and again acknowledged his liability to pay the outstanding amount to the Applicant Bank by the various letters including letter dated 07.08.2014 but failed to pay the outstanding amount.
That the account of the Corporate Debtor stood classified as NPA on 31.03.2014 pursuant to which recovery proceeding were initiated against the Corporate Debtor. That despite service of the notice under Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicatory Authority for Insolvency Resolution Process for Personal Guarantor to Corporate Debtor) Rules, 2019 dated 22.06.2021, Mrs. Deepali Gupta (Personal Guarantor and Respondent herein) has failed to pay the outstanding due within the statutory period of 14 days.
That in view of the default on the part of the Personal Guarantor, the Respondent herein, towards his obligation, the Financial Creditor, State Bank of India filed a Petition captioned as State Bank of India Versus Deepali Gupta U/s 95 of the Insolvency and Bankruptcy Code, 2016 bearing C.P. (IB) No. 392/(PB)/2021 before the Hon’ble NCLT, Bench-II, New Delhi on29.07.2021.
That upon filing of the aforesaid petition U/s 95 of the Insolvency and Bankruptcy Code,2016 (“Code”), the Interim Moratorium commenced under section 96(1)(a) of the Code, from the date of filing of the said Petition i.e., 29.07.2021, wherein any legal action or proceeding pending in respect of any debt shall be deemed to have been stayed.
That the Hon'ble Adjudicating Authority vide order dated 11.03.2024 directed that the Creditor has been able to establish the ‘debt’ and ‘default’ beyond doubt in respect of the Guarantee given by the Personal Guarantor therefore accepted the report submitted by the Resolution Professional in terms of the provisions of Section 99 of the IBC, 2016 and admit the CP(IB) No. 392/(PB)/2021 filed by the Creditor.
As a sequel of admission of the present application, a moratorium under Section 101 of IBC, 2016 shall commence in relation to all the debts of the Respondent/Personal Guarantor.
In furtherance of the directions issued by the AA in the aforesaid order and in compliance of Section 102 of the Code, the directions issued by Hon'ble NCLT vide order dated 11.03.2024 (Order served to RP on 22.03.2024), the RP has issued the public notice on 27.03.2024 inviting claims from all creditors within 21 days of such issue. The copy of the said Public Notice has been uploaded on the webpage of the Personal Guarantor.