Karur Vysya Bank Versus Heavent Sudhir Malhotra (Case admitted on 02.12.2024 which was served upon IRP on 07.12.2024)
That the Corporate Debtor, M/s Xalta Foods and Beverages Pvt. Ltd. Limited as Borrower, has been availing various loan/credit facilities from the Karur Vysya Bank “Applicant Bank” from time to time. Mr. Heavent Sudhir Malhotra, one of the Director 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 account of the Corporate Debtor stood classified as NPA on 30.12.2018 pursuant to which recovery proceeding were initiated against the Corporate Debtor. That Bank has invoked the Guarantee vide its notice dated 13.03.2019 issued to the Corporate Debtor as well as to the Mr. Heavent Sudhir Malhotrau/s 13(2) of the SARFAESI Act, 2002. Further the Bank has tried to serve notice in Form B under Rule 7(1) of the IBC Rules, 2019 to the Personal Guarantor for demand of payment, however service was not successful and Bank has caused Public announcement in two newspapers namely Jansatta and Financial Express on 30.12.2021.Mr. Heavent Sudhir Malhotra(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, Karur Vysya Bankhas filed a Petition captioned as The Karur Vysya Bank Limited Versus Mr. Heavent Sudhir Malhotra U/s 95 of the Insolvency and Bankruptcy Code, 2016 bearing C.P. (IB) No. 336/(ND)/2022 before the Hon’ble NCLT, Bench-II, New Delhi on07.05.2022.
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., 07.05.2022, 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 02.12.2024 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 C.P. (IB) No. 336/(ND)/2022 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 02.12.2024 (Order served to RP on 07.12.2024), the RP has issued the public notice on 08.12.2024 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.