IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW DELHI

PRINCIPAL BENCH

I.A No. OF 2023

IN
CP IB No. 765/2023
IN THE MATTER OF:

ANUMOD SHARMATHROUGH AJAY GUPTA (RP)

.... APPLICANT/PETITIONER
AND IN THE MATTER OF:

IDBI BANK LIMITED & ANR.

. . . APPLICANTS/FINANCIAL CREDITOR

VERSUS

ANUMOD SHARMATHROUGH AJAY GUPTA (RP)

.... RESPONDENT

INDEX

S. No. PARTICULARS PAGE NO.

1. MEMO OF PARTIES 1

2. APPLICATION UNDER SECTION 98 READ

WITH 60(5) OF THE INSOLVENCY AND
2-13
BANKRUPTCY CODE, 2016 AND RULE 11
OF THE NATIONAL COMPANY LAW
TRIBUNAL RULES, 2016 ON BEHALF OF
THE FINANCIAL CREDITOR SEEKING
CHANGE OF THE RESOLUTION
PROFESSIONAL APPOINTED VJDE ORDER
DATED 16.02.2024 ALONG WITH
SUPPORTING AFFIDAVITS.

3. ANNEXURE A - 1: A TRUE COPY OF THE 14-16

ORDER DATED 16.02.2024.

4. ANNEXURE A - 2 (COLLY}: A TRUE 17-25

COPY OF THE ORDERS DATED
14.02.2024.

5. ANNEXURE A - 3 : A TRUE COPY OF 26-27

THE ORDER DATED 02.01.2024.

6. ANNEXURE A - 4: A TRUE COPY OF THE 28

ORDER DATED 14.03.2024.
 7. ANNEXURE A - 5 (COLLY):

TRUE COPIES OF CONSENT LETTER 29-31

DATED 23.04.2024 SUBMITTED BY MR.
JAI KI SHAN TEOTIA, VALID
AUTHORIZATION FOR ASSIGNMENT
DATED 16.11.2023 AND CERTIFICATE
OF REGISTRATION OF MR. JAI KISHAN
TEOTIA

8. VAKALATNAMA 32

9. PROOF OF SERVICE 33

Filed by:

(SANJA Y BAJAJ)
ADVOCATE
COUNSEL FOR THE APPLICANT
E-2/9, V ASANT VIHAR,
NEW DELHI-110057
Ph:Ol 1-26152225 (M) 09811082913
E-mail: sanjaybajaj@bblsdelhi.com;
bbls@ymail.com

NEW DELHI
DATED: /04 /2024
IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW DELHI
PRINCIPAL BENCH
I.A No. OF 2023
IN
CP IB No. 765/2023
IN THE MATTER OF:
ANUMOD SHARMATHROUGH AJAY GUPTA (RP)
.... APPLICANT/PETITIONER
AND IN THE MATTER OF:
IDBI BANK LIMITED & ANR.
... APPLICANTS/FINANCIAL CREDITOR
VERSUS
ANUMOD SHARMATHROUGH AJAY GUPTA (RP)
.... RESPONDENT
MEMO OF PARTIES
1. IDBI BANK LIMITED
At:
IDBI Tower, WTC Complex,
Cuffe Parade,
Mumbai-400005.
Also, at:
NP A Management Group,
3rd Floor, Plate 'B', Block-2,
NBCC Office Complex,
East Kidwai Nagar,
New Delhi-110023
2. BANK OF BARODA
At:
Stressed Assets Management Branch,
4th Floor, Rajendra Bhawan,
Rajendra Place, New Delhi- 110008
... Applicants/Financial Creditor
VERSUS

ANUMOD SHARMA THROUGH AJAY GUPTA (RP).

At:
B-7/45,

~~~
Safdarjung Enclave Extn,
New Delhi - 110029.
Filed by:
(SANJAY BAJAJ)
ADVOCATE
COUNSEL FOR THE APPLICANT
E-2/9, VASANT VIHAR,
NEW DELHI-110057
Ph:Ol 1-26152225 (M) 09811082913
E-mail: sanjaybajaj@bblsdelhi.com;
bbls@ymail.com
NEW DELHI
DATED: /04/2024
 IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW
DELHI PRINCIPAL BENCH
I.A No. OF 2023
IN
CP IB No. 765/2023
IN THE MATTER OF:

ANUMOD SHARMATHROUGH AJAY GUPTA (RP)

.... APPLICANT/PETITIONER
AND IN THE MATTER OF:

IDBI BANK LIMITED & ANR.

... APPLICANT/FINANCIAL CREDITOR
VERSUS
ANUMOD SHARMATHROUGH AJAY GUPTA (RP)
.... RESPONDENT

APPLICATION ON BEHALF OF THE FINANCIAL

CREDITOR SEEKING REPLACEMENT OF THE
RESOLUTION PROFESSIONAL UNDER THE PERSONAL
INSOLVENCY RESOLUTION PROCESS.
(Under Section 98 read with 60(5) of the Insolvency and Bankruptcy
Code, 2016 and Rule 11 of the National Company Law Tribunal
Rules, 2016)
To,
The National Company Law Tribunal
Ground Floor, CGO Complex,
Lodhi Road, Block- 3,
New Delhi- 110003.

From: -
IDBI BANK LIMITED
At:
1. IDBI Tower, WTC Complex,
Cuffe Parade,
Mumbai-400005.
Also, at:
NPA Management Group,
3rd Floor, Plate 'B', Block-2,
NBCC Office Complex,
East Kidwai Nagar,
New Delhi-110023.
 2. BANK OF BARODA 3
At
Stressed Assets Management Branch,
4th Floor, Rajendra Bhawan,
Rajendra Place, New Delhi- 110008.

In the matter of:

IDBI Bank Ltd & anr. .... Applicant/Financial
Creditor
AND
Anumod Sharma through
Ajay Gupta (RP) .... Respondent

SUBJECT: APPLICATION ON BEHALF OF THE

FINANCIAL CREDITOR SEEKING
REPLACEMENT OF THE RESOLUTION
PROFESSIONAL UNDER THE PERSONAL
INSOLVENCY RESOLUTION PROCESS.

MOST RESPECTFULLY SHOWETH:

1. That this Joint Application is being filed by Financial Creditor

i.e., IDBI Bank Ltd. being Applicant No.1 and Bank of Baroda

being Applicant No.2. The Application arises out of the order

dated 16.02.2024 passed by this Hon'ble Tribunal in the

captioned matter thereby appointing Mr. Ajay Gupta as a

Resolution Professional ("RP") of Mr. Anumod Sharma

("Personal Guarantor"), who had provided his Personal

Guarantee against the facilities availed by Mis Great India

Nautanki Company Private Limited ("Corporate Debtor"). A

tn1e copy of the order dated 16.02.2024 is attached herewith and

marked as Annexure A-1.

2. The brief facts leading to filing of the instant application are as

follows:
a. There are four personal guarantors of the Corporate

Debtor who provided their unconditional and unequivocal

personal guarantees in favour of the Applicant/Financial

Creditor. The names of personal guarantors are Mr.

Sanjay Choudhary, Dr. Anu Appiah, Mr. Viraf Sarkari

and Mr. Anumod Sharma.

b. That the Applicant, being the Financial Creditor, filed a

Petition bearing (IB)-64/ND2024 ("Petition - 1") under

Section 95(1) Insolvency and Bankruptcy, 2016 ("Code")

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 ("Rules") against the Personal

Guarantor of the Corporate Debtor with a prayer to initiate

the Insolvency Resolution Process.

c. That along with the aforesaid Petition, the Applicant had

also filed Petitions under Section 95(1) of the Code

bearing (IB)-67 /ND/2024 against Dr. Anu Appiah

("Petition - 2"), (IB)-66/ND/2024 against Mr. Sanjay

Choudhary ("Petition - 3") and (IB)-68/ND/2024 against

Mr. Viraf Sarkari ("Petition - 4") for initiation of

Insolvency Resolution Process, who are the remaining

three Personal Guarantors of the Corporate Debtor.

d. The said Petition - 1 had come up for hearing on

12.02.2024 before Hon'ble NCLT, New Delhi - Bench II

and the matter was then adjourned to 21.02.2024.

e. The Petitions qua the remaining Personal Guarantors i.e.,

Petition 2, 3 and 4 were listed on 14.02.2024 before the

Hon'ble NCLT, Bench- II. On such a date, the Hon'ble

Bench - II, NCLT Delhi was pleased to appoint Mr. Jai

Kishan Teotia as Resolution Professional in Petition - 2,

Petition - 3 and Petition - 4 filed by the Applicant. A true

copy of the orders dated 14.02.2024 are annexed as

Annexure A - 2 (Colly).

f. On 16.02.2024, this Hon'ble Principal Bench appointed

Mr. Ajay Gupta as a RP in the captioned matter, which is

pending before this Hon'ble Tribunal. It is pertinent to

mention that the Applicant was entirely oblivious to the

fact that a Section 94 Petition had already been preferred

by the Personal Guarantor against himself seeking

initiation of Insolvency Resolution Process, as he failed

to serve a copy of the application upon every Financial

Creditor and the Corporate Debtor for whom the

guarantor is a personal guarantor as per the requirement

of Rule 6(2) of the Rules. A true copy of the order dated

02.01.2024 is attached herewith as Annexure A-3.

g. Subsequently, on 21.02.2024, Petition - 1 was listed for

hearing and after hearing the submissions made therein,

 the Hon'ble Bench - II, NCL T Delhi was pleased to

appoint Mr. Jai Kishan Teotia as Resolution Professional.

Accordingly, as per the provision of the Law, on filing of

the Petition, the interim moratorium as stipulated under

Section 96(1)(a) of the Code, had commenced qua all

debts of the Personal Guarantor.

h. That the Petition - 1 further came up for hearing on

14.03.2024, when the order dated 16.02.2024 passed by

this Hon'ble Tribunal was apprised before Hon'ble Bench

II, NCLT Delhi, said Hon'ble Bench - II disposed of the

Petition - 1 holding that the RP, against the Personal

Guarantor has already been appointed by the Principal

Bench of this Hon'ble Tribunal and a moratorium under

Section 96( 1)(a) of the Code is in force, hence Petition is

liable to be dismissed. However, the Hon'ble Bench II

gave liberty to approach this Hon'ble Tribunal for

replacement of existing RP appointed in above noted

matter. A true copy of the order dated 14.03.2024 is

annexed as Annexure A-4.

3. That from the aforesaid facts and circumstances, it is evident that

Mr. Jai Kishan Teotia has been appointed as a RP in Petition -

2, Petition - 3 and Petition - 4 against the remaining three

Personal Guarantors of the Corporate Debtor by the Hon'ble

Bench - II of this Tribunal.

4. Since a common RP has been appointed in the Petition - 2, 3

and 4, it will be in the interest of the Applicant and all, if the

same RP is also appointed in the Petition - 1 as well and takes

charge of the assets or the business which is being carried on by

the Personal Guarantor because while collecting information,

the resolution professional is entrusted with a duty to maintain

confidentiality.

5. That appointment of a common RP to handle the books and

affairs of Personal Guarantors will eliminate the risk of conflicts

between two different RPs qua the resolution or for any other

matter whatsoever.

6. At the cost of repetition, it is reiterated that there are four

Personal Guarantors of the Corporate Debtor and Mr. Jai Kishan

Teotia is the acting RP in Petition -2, Petition - 3 and Petition -

4. However, in the instant matter, which is qua Mr Anumod

Sharma, Mr. Ajay Gupta has been appointed as RP. Therefore,

to avoid any further conflicts and confusion, it will be

convenient for the Financial Creditor and the Personal

Guarantor if this Hon'ble Tribunal be pleased to replace the RP

in the captioned matter and appoint Mr. Jai Kishan Teotia as RP

of Mr. Anumod Sharma.

7. The Applicant is left with no other option but to approach this

Hon'ble Tribunal by way of the instant application to invoke its

necessary provision(s) and inherent power of this Hon'ble

Tribunal to replace the RP in the captioned matter and appoint

 Mr. Jai Kishan Teotia as RP. The true copies of Consent Letter

dated 24. l l .2023and valid Authorization for Assignment dated

24. l l .2023are attached herewith as Annexure A-5 (Colly).

8. It is submitted that it is a well settled principle of law that the

provision of Section 98 of the Code is not stage specific. It is

only after the Resolution Professional is appointed by the

Adjudicating Authority under Section 97 (5), that step under

Section 98 is contemplated.

9. It is a well settled principle of law that one who appoints has

jurisdiction to suspend or remove its appointee. This power is

inherent. This position is further clarified on examination of

Section 16 of the General Clauses Act, 1897 which is being

reproduced and quoted herein below:

"16. Power to appoint to include power to suspend or

dismiss. -Where, by any Central Act or Regulation, a
power to make any appointment is conferred, then,
unless a different intention appears, the authority having
for the time being power to make the appointment shall
also have power to suspend or dismiss any person
appointed whether by itself or any other authority in
exercise of that power. "

10. Thus, it apparent from the provision of Section 16 of the General

Clauses Act, 1897 that the Adjudicating Authority being the

appointing authority of RP is well within its jurisdiction to pass

an order for removal of the RP and appoint the new proposed RP

of the Applicant and this Hon'ble Tribunal has inherent

jurisdiction to grant the relief as being sought by way of the

present Application
 q
11. That severe prejudice shall be caused to the interests of the

Applicant, being financial creditor, if the instant matter does not

get allowed by this Hon'ble Tribunal and no prejudice shall

cause to the Respondent by allowing the same.

PRAYER:

It is therefore, respectfully prayed that due to the

detailed facts and circumstances mentioned herein above, this

Hon'ble court may kindly be pleased to: -

(i) allow the present application;

(ii) order for change of the existing RP i.e., Mr. Ajay Gupta

and replace him with the new proposed RP of the

Applicant i.e., Mr. Jai Kishan Teotia;

(iii) pass such other or further order as this Hon'ble Tribunal

may deem fit and proper.

APPLICANT N0.2

Filed by: ==1- _ ~

(SANJAY BAJAJ)
ADVOCATE
COUNSEL FOR THE APPLICANT
E-2/9, VASANT VIHAR,
NEW DELHI-110057
Ph:Ol 1-26152225 (M) 09811082913
E-mail: sanjaybajaj@bblsdelhi.com;
bbls@ymail.com
NEW DELHI
DATED: /04 /2024
 IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW DELHI
\0
PRINCIPAL BENCH

I.A No. OF 2023

IN
CP IB No. 765/2023
IN THE MATTER OF:

ANUMOD SHARMATHROUGH AJAY GUPTA (RP)

.... APPLICANT/PETITIONER
AND IN THE MATTER OF:

IDBI BANK LIMITED & ANR.

... APPLICANT/FINANCIAL CREDITOR

VERSUS

ANUMOD SHARMATHROUGH AJAY GUPTA (RP)

••.• RESPONDENT

AFFIDAVIT

Affidavit of Sanjeev Kumar Sirwalia S/o Shri. Amar Nath

aged 46 years , IDBI Bank Limited, having its branch at NPA
Management Group, 3rd Floor, Plate 'B', Block-2, NBCC Office
Complex, East Kidwai Nagar, New Delhi-110023.

I, the above-named deponent, do hereby solemnly affirm and

declare as under: -

1. That I am presently posted as Deputy General Manager of the

~fPJ;.~::'. :-,. ·A.·ppIicant and as such well conversant with the facts of the case
;/{~ ---'c~.(>'/~\
/(/ ; c. r• ' \ .. · -B~ the basis of the records maintained by the Bank in the
.}a.nme\ 0 . 1 ,

( '·.. :·a,vocat.e ·.I orhinary course of its business and hence, I am competent to
G"},,::.... 1-;..\·;I). :• .·
,_Q;->.'.""--_.-<\<"'. _;swear the present affidavit.
''-..//~····
~··'.·-
lJ
""''." _ f
• ~/ '·"'
~------··

2. That the contents of the accompanying application have been

drafted by the Counsel of the Bank at my instructions and the

averments made therein are true and correct based on the

information available on the records of the Bank. The contents

 of the accompanying application may be kindly read as part of

this Affidavit and are not being repeated here for the sake of

brevity.

\¥
~~o <(, DEPONEN
:&
Q,
~(;
!(;,

_I !().:;fj'V~IFICATION:
~'\

I,v 'il!:.~\ 1;~·$'

A:
·O\
·<-
'!>...;;," eq,Y.~,
Verified at Delhi on this day of April 2024 that the contents

' ~~~ of the above affidavit are true and correct to my knowledge and

nothing material has been concealed therefrom.

2 OAPR 2024
DEP

AfTE~
.... _.,,,,.. PUBUC
 IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW DELHI \~
PRINCIPAL BENCH

I.A No. OF 2023

IN
CP IB No. 765/2023
IN THE MATTER OF:

ANUMOD SHARMATHROUGH AJAY GUPTA (RP)

.... APPLICANT/PETITIONER
AND IN THE MATTER OF:

IDBI BANK LIMITED & ANR.

.. .APPLICANT/FINANCIAL CREDITOR

VERSUS

ANUMOD SHARMATHROUGH AJAY GUPTA (RP)

.... RESPONDENT

AFFIDAVIT

Affidavit of Shri Uday Veer Chopra S/o Late Shri D N Chopra

aged 57 years, Stressed Assets Management Branch, 4th Floor,
Rajendra Bhawan, Rajendra Place, New Delhi - 110008.

I, the above-named deponent, do hereby solemnly affirm and

declare as under: -

3. That I am presently posted as Chief Manager of the Applicant

and as such well conversant with the facts of the case on the

~- basis of the records maintained by the Bank in the ordinary

/~~~ ..
1/f._ y)Y ~ P:,'t..~~, course of its busmess and hence, I am competent to swear the
Ir::Y _ tia1\\\.\() ~
1

i?!'J

·---
:._;;(1 ja\\n~e\Jio~ca\e
F'w
j\ J..-"" present affidavit.
1 ~"\ Qt.Lr\\ .,n
(!f"'.J~
~~
·\()
'-·"
R. ~ 0 _.,0'0v/,;_Q'

\'(O~~ That the contents of the accompanying application have been

v ,r . 0""
drafted by the Counsel of the Bank at my instructions and the

averments made therein are true and correct based on the

information available on the records of the Bank. The contents

 of the accompanying application may be kindly read as part of 1~
this Affidavit and are not being repeated here for the sake of

brevity.

DEPONENT

day of April 2024 that the contents

of the above affidavit are true and correct to my knowledge and

nothing material has been concealed therefrom.

2 OAPR 2024
DEPONENT
 IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW DELHI
PRINCIPAL BENCH

ITEM No. 24
(IB)-765(PB)/2023
IN THE MATTER OF:
Anumod Sharma filed Through RP Ajay Gupta .... Petitioner/ Applicant

Order u/S. 94(1) of Insolvency & Bankruptcy Code (IBC), 2016

Order delivered on 16.02.2024

CORAM:
JUSTICE RAMALINGAM SUDHAKAR
HON'BLE PRESIDENT

SH. AVINASH K. SRIVASTAVA

HON'BLE MEMBER (TECHNICAL)

(HEARING THROUGH PHYSICAL MODE & VC)

PRESENT:
For RP/ Applicant Ms. Rajiv Singh, Adv. with RP, CA Ajay Gupta
For Respondent

ORDER

1. The Applicant herein viz Mr. Anumod Sharma has moved the
present application u/s-94(1) of IBC, 2016 read with Rule 6
of the Insolvency and Bankruptcy (Application to
Adjudicating Authority for Insolvency Resolution Process for
Personal Guarantors to Corporate Debtors) Rules, 2019
(Personal Guarantor Rules) with a prayer to initiate
insolvency resolution process in respect of itself. According to
the Ld. Counsel for the applicant, the application has been
submitted in Form-A and the same is enclosed with the
application and is placed on record at page 05.
2. The Ld. Counsel has submitted the proof of service of the
application upon every financial creditor and the corporate

(IB)-765(PB) I 2023 1
 15
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.
3. 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 in relation to all debts of the
Personal Guarantor.
4. The Applicant has proposed the name of a Resolution
professional, therefore this Bench confirms the appointment
of Mr. Ajay Gupta as a Resolution Professional, whose details
are given below:
IBBI Registration No: IBBI/IPA-001/IP-P00140/2017-
18/ 10304
E-mail Address: ip.ajaygupta@coprvisory.com
ajayguptal 969@gmail.com

5. 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 time stipulated under Section 99 of IBC, 2016
6. The Resolution Professional shall give a copy of its Report to
the Applicant as well as to every financial creditor of the
applicant and the corporate debtor as soon as the same is

(IB)-765(PB)/2023 2

TRUEc(:ipy
 filed before this Authority.
7. 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. Ajay Gupta, Resolution
Professional by all modes for information and necessary
compliance.
s. List the matter on 11.03.2024 for the perusal of the Report
of the RP and further proceedings.

(RAMALINGAM SUDHAKAR)
PRESIDENT

(AVINASH K. SRIVASTAVA)
MEMBER (TECHNICAL)
Dipak- 16.02.2024

TRUEcdPv

(IB)-765(PB)/2023 3
 IN THE NATIONAL COMPANY LAW TRIBUNAL
NEW DELHI BENCH (COURT - II)
Item No. 304
(IB)-67 /ND/2024
IN THE MATTER OF:
IDBI Bank Limited (Through Jai Kishan Applicant/Petitioner
Teotia)
Versus

Anu Appiah Respondent

Under Section: 95(1) of IBC 2016

Order delivered on 14.02.2024
CORAM:
SH. ASHOK KUMAR BHARDWAJ SH. SUBRATA KUMAR DASH
HON'BLE MEMBER {J) HON'BLE MEMBER {T)

PRESENT:
For the Applicant
For the Respondent
Hearing Through: VC and Physical (Hybrid) Mode
ORDER

As can be seen from Rule 7(3) of the Insolvency and Bankruptcy {Application
to Adjudicating Authority for Insolvency Resolution Process for Personal
Guarantors to Corporate Debtor) Rules, 2019, the Creditor shall serve a copy
of the application referred to in sub-Rule {2) to every Guarantor and the
Corporate Debtor for whom the Guarantor is a Personal Guarantor.

In the present case, the Ld. Counsel appearing for the Petitioner could not
produce any proof of service of advance copy of the application upon the
Personal Guarantor and the Corporate Debtor. The Rule 7(3) of the
aforementioned Rules reads thus:

"3. Application by creditor.-(1) ...

(2) ....

(3) The creditor shall serve forthwith a copy of the application

referred to in sub-rule (2) to the guarantor and the corporate debtor
for whom the guarantor is a personal guarantor."

Satya Prakash

E'cOPY
Let the copy be served upon the Principal Borrower/Corporate Debtor,
Guarantor and upon all the Creditors.

The Applicant herein viz IDBI Bank Limited, 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 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 06.01.2023 under clause (b) of sub-
section 4 of Section 95 read with Rule 7 of the Insolvency and Bankruptcy
(Application to Adjudicating Authority for 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 at page No. 37-41 of the application.
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 as also 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 titled Dilip B Jiwrajka vs. Union of India
& Ors. filed under Article 32 of the Constitution of India, on 09.11.2023.

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.
As proposed by the Applicant/Guarantor, this Bench appoints Shri Jai
Kishan Teotia (Email ID: jaikishanteotia@gmail.com) as Resolution
Professional, whose details are given below:

IBBI Registration No. IBBI/IPA-003/IP-NOOOl 7 /2017-

2018/ 10130
E-mail Address jaikishanteotia@gmail.com
Contact Number 9899365246

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 time stipulated under Section 99 of
IBC, 2016.

Satya Prakash
 rq
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.
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 Shri Jai Kishan Teotia, Resolution Professional by all
modes for information and necessary compliance.
The Petitioner shall also make a . copy of the application with all
enclosures available to the principal borrower and Personal Guarantor
forthwith.
The Court Officer is also directed to inform the RP by E-mail.
List on 14.03.2024.

Sd/- Sd/-
(SUBRATA KUMAR DASH) {ASHOK KUMAR BHARDWAJ)
MEMBER (T) MEMBER (J)

~
Satya Prakash
TRUE COPY
 IN THE NATIONAL COMPANY LAW TRIBUNAL
NEW DELHI BENCH (COURT - II)
Item No. 303
{IB)-66/ND/2024
IN THE MATTER OF:
IDBI Bank Limited (Through Jai Kishan Applicant/Petitioner
Teotia)
Versus

Sanjay Choudhary Respondent

Under Section: 95{1) of IBC 2016

Order delivered on 14.02.2024
CORAM:
SH. ASHOK KUMAR BHARDWAJ SH. SUBRATA KUMAR DASH
HON'BLE MEMBER {J) HON'BLE MEMBER (T)
PRESENT:
For the Applicant
For the Respondent
Hearing Through: VC and Physical {Hybrid) Mode
ORDER

As can be seen from Rule 7(3) of the Insolvency and Bankruptcy (Application
to Adjudicating Authority for Insolvency Resolution Process for Personal
Guarantors to Corporate Debtor) Rules, 2019, the Creditor shall serve a copy
of the application referred to in sub-Rule (2) to every Guarantor and the
Corporate Debtor for whom the Guarantor is a Personal Guarantor.

In the present case, the Ld. Counsel appearing for the Petitioner could not
produce any proof of service of advance copy of the application upon the
Personal Guarantor and the Corporate Debtor. The Rule 7(3) of the
aforementioned Rules reads thus:

"3. Application by creditor.-(1) ...

(2) ....

(3) The creditor shall serve forthwith a copy of the application

referred to in sub-rule (2) to the guarantor and the corporate debtor
for whom the guarantor is a personal guarantor."

Satya Prakash
~

TRUE copy
Let the copy be served upon the Principal Borrower/Corporate Debtor,
Guarantor and upon all the Creditors.

The Applicant herein viz IDBI Bank Limited, 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 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 06.01.2023 under clause (b) of sub-
section 4 of Section 95 read with Rule 7 of the Insolvency and Bankruptcy
(Application to Adjudicating Authority for 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 at page No. 37-41 of the application.
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 as also 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 titled Dilip B Jiwrajka vs. Union of India
& Ors. filed under Article 32 of the Constitution of India, on 09.11.2023.

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.
As proposed by the Applicant/Guarantor, this Bench appoints Shri Jai
Kishan Teotia (Email ID: jaikishanteotia@gmail.com) as Resolution
Professional, whose details are given below:

IBBI Registration No. IBBI/IPA-003/IP-NOOOl 7 /2017-

2018/ 10130
E-mail Address j aikishanteotia@gmail.com
Contact Number 9971066266

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 time stipulated under Section 99 of
IBC, 2016.

Satya Prakash

,,.... I\/
iRuc copy
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.
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 Shri Jai Kishan Teotia, Resolution Professional by all
modes for information and necessary compliance.
The Petitioner shall also make a copy of the application with all
enclosures available to the principal borrower as also upon Personal
Guarantor forthwith.
The Court Officer is also directed to inform the RP by E-mail.
List on 14.03.2024.

Sd/- Sd/-
{SUBRATA KUMAR DASH) (ASHOK KUMAR BHARDWAJ)
MEMBER (T) MEMBER (J)

Satya Prakash

v
RtlE~·'COPY
 IN THE NATIONAL COMPANY LAW TRIBUNAL
NEW DELHI BENCH (COURT - II)
Item No. 302
(IB}-68/ND/2024
IN THE MATTER OF:
IDBI Bank Limited (Through Jai Kishan Applicant/Petitioner
Teotia}
Versus

Shri Viraf Sarkari Respondent

Under Section: 95(1) of IBC 2016

Order delivered on 14.02.2024
CORAM:
SH. ASHOK KUMAR BHARDWAJ SH. SUBRATA KUMAR DASH
HON'BLE MEMBER (J} HON'BLE MEMBER (T)
PRESENT:
For the Applicant
For the Respondent
Hearing Through: VC and Physical (Hybrid} Mode
ORDER
As can be seen from Rule 7(3) of the Insolvency and Bankruptcy (Application
to Adjudicating Authority for Insolvency Resolution Process for Personal
Guarantors to Corporate Debtor) Rules, 2019, the Creditor shall serve a copy
of the application referred to in sub-Rule (2) to every Guarantor and the
Corporate Debtor for whom the Guarantor is a Personal Guarantor.

In the present case, the Ld. Counsel appearing for the Petitioner could not
produce any proof of service of advance copy of the application upon the
Personal Guarantor and the Corporate Debtor. The Rule 7(3) of the
aforementioned Rules reads thus:

"3. Application by creditor.-(1) ...

(2) ....

(3) The creditor shall serve forthwith a copy of the application

referred to in sub-rule (2) to the guarantor and the corporate debtor
for whom the guarantor is a personal guarantor."

Satya Prakash

'(_,---·

TRUE COPY
Let the copy be served upon the Principal Borrower/Corporate Debtor,
Guarantor and upon all the Creditors.

The Applicant herein viz IDBI Bank Limited, 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 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 06.01.2023 under clause (b) of sub-
section 4 of Section 95 read with Rule 7 of the Insolvency and Bankruptcy
(Application to Adjudicating Authority for 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 at page No. 37-41 of the application.
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 as also 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 titled Dilip B Jiwrajka vs. Union of India
& Ors. filed under Article 32 of the Constitution of India, on 09.11.2023.

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.
As proposed by the Applicant/Guarantor, this Bench appoints Shri Jai
Kishan Teotia (Email ID: jaikishanteotia@gmail.com) as Resolution
Professional, whose details are given below:

IBBI Registration No. IBBI/IPA-003/IP-NOOOl 7 /2017-

2018/ 10130
E-mail Address j aikishanteotia@gmail.com
Contact Number 9899365246

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 time stipulated under Section 99 of t
IBC, 2016.

Satya Prakash
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.
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 Shri Jai Kishan Teotia, Resolution Professional by all
modes for information and necessary compliance.
The Petitioner shall also make a copy of the application with all
enclosures available to the principal borrower as also upon Personal
Guarantor forthwith.
The Court Officer is also directed to inform the RP by E-mail.
List on 14.03.2024.

Sd/- Sd/-
(SUBRATA KUMAR DASH) (ASHOK KUMAR BHARDWAJ)
MEMBER (T) MEMBER (J)

L/
TRUE COPY
Satya Prakash
 IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW DELHI
PRINCIPAL BENCH
ITEM No. 101
(IB)-765(PB)/2023
IN THE MATTER OF:
Anumod Sharma filed Through RP Ajay Gupta .... Petitioner/ Applicant

Order Under Section 97 f5) read with Section 94fl) of Insolvency &
Bankruptcy Code, 2016

Order delivered on 02.01.2024

CORAM:
JUSTICE RAMALINGAM SUDHAKAR
HON'BLE PRESIDENT

SH. AVINASH K. SRIVASTAVA

HON'BLE MEMBER (TECHNICAL)

(HEARING THROUGH PHYSICAL MODE & VC)

PRESENT:
For the Petitioner Ld. Adv. Rajiv Singh along with Mr. Ajay Gupta, RP

ORDER

1. The Applicant herein viz. Mr. Anumod Sharma has moved the
present application u/s-94(1) of IBC, 2016 read with Rule 6 of the
Insolvency and Bankruptcy (Application to Adjudicating Authority
for Insolvency Resolution Process for Personal Guarantors to
Corporate Debtors) Rules, 2019 (Personal Guarantor Rules) against
Personal Guarantor (PG) to Corporate Debtor with a prayer to initiate
insolvency resolution process in respect of itself. According to the Ld.
Counsel for the applicant, the application has been submitted in
Form-A and the same is enclosed with the application and is placed
on record at page 5-33.
2. On perusal of application, we find that the Ld. Counsel has not
submitted the proof of service of the application upon every financial
creditor and the corporate debtor for whom the guarantor is a
personal guarantor as per the requirement of Rule 6(2) of the
Insolvency and Bankruptcy (Application to Adjudicating Authority

1
(IB)-765(PB)/ 2023
 for Insolvency Resolution Process for Personal Guarantors to
Corporate Debtors) Rules, 2019.
3. We direct the applicant to serve a copy of the application upon every
Financial Creditor and the Corporate Debtor for whom the guarantor
is a personal guarantor.
4. At request, list the matter on 15.01.2024.

-Sd/-
(RAMALINGAM SUDHAKAR)
PRESIDENT

-Sd/-
(AVINASH K. SRIVASTAVA)
MEMBER (TECHNICAL)
Shubham Pandya - 02.01.2024

2
(IB)-765(PB)/ 2023
 IN THE NATIONAL COMPANY LAW TRIBUNAL
NEW DELHI BENCH (COURT - II)
Item No. 218
(IB)-64 /ND/ 2024
IN THE MATTER OF:
IDBI Bank Limited (Through Jai Applicant/Petitioner
Kishan Teotia)

Versus

Anumod Sharma Respondent

Under Section: 95(1) of IBC, 2016

Order delivered on 14.03.2024
CORAM:
SH. ASHOK KUMAR BHARDWAJ SH. SUBRATA KUMAR DASH
HON'BLE MEMBER (J) HON'BLE MEMBER (T)

PRESENT:
For the Applicant/ Adv. Sanjay Bajaj, Adv. Shivam Takkar and Adv.
Petitioner Sartha Sehgal
For the Respondent Adv. Rajiv Singh
Hearing Through: VC and Physical (Hybrid) Mode
ORDER

The Counsels for the parties are ad idem that in terms of the order dated
16.02.2024 passed by this Tribunal in CP-(IB)/765/2023, the Insolvency
Resolution Process has already been ordered to be commenced qua the
Respondent before us viz. Mr. Anumod Sharma. Thus, the present petition no
longer survives. In view of the submissions made by the Ld. Counsels, the
petition is disposed of with liberty to the Petitioner i.e. IDBI Bank with liberty to
stake its claim before the RP appointed in CP-(IB)/765/2023. It is made clear
that in the event the aforementioned proceedings culminate at premature stage,
it would be open to the Petitioner to file appropriate application for restoration of
the present petition. The Ld. Counsel appearing for the Petitioner also raised
grievance regarding the RP appointed in CP-(IB)/765/2023 and requested for his
replacement. It would be open to the Petitioner to file appropriate application in
this regard in CP-(IB)/765/2023. In view of the aforementioned, the present
petition stands disposed of.

Sd/- Sd/-
(SUBRATA KUMAR DASH) (ASHOK KUMAR BHARDWAJ)
MEMBER (T) MEMBER (J)

SATYA PRAKASH

·t--- .

1RUt. coP'1
 FORM AA
WRITTEN CONSENT TO ACT AS RESOLUTION PROFESSIONAL
(Under Regulation 3(1A) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution
Process for Corporate Persons) Regulations, 2016)
Date 23.04.2024
From
Jai Kishan Teotia
IBBT Regn No-IBBI/IPA-003/IP-N00017/2017-18/10130
159-Bl, Shalimar Bagh Extension-I,
Sahibabad, Gbaziabad, UP-201005

To
The Committee of Creditors
Mr. Anumod Shanna

Subject: Written Consent to act as Resolution Professional.

I, Jai Kishan Teotia, an Insolvency professional enrolled with Institute of Cost Accountants of India and
registered with the Board, note that the committee proposes to appoint me as Resolution Professional
under section 98 of the Code for personal insolvency resolution process of Mr. Anumod Sharma.

2. In accordance with regulation 3(1A) of the Insolvency and Bankruptcy Board of India (Insolvency
Resolution Process for Corporate Persons) Regulations, 2(H6, I hereby give consent to the proposed
appointment.

3. I declare and affinn as under: -

a. I am registered with the Board as an insolvency professional.
b. I an1 not su~ject to any disciplinary proceedings initiated by the Board or the Insolvency
Professional Agency.
c. I do not suffer from any disability to act as a resolution professional.
d. I am eligible to be appointed as resolution professional of the corporate debtor under
regulation 3 and other applicable provisions of the Code and regulations.
e. I shall make the disclosures in accordance with the code of conduct for insolvency
professionals as set out in the Insolvency and Bankruptcy Board of India (Insolvency
Professionals) Regulations, 2016;
f. I am havin the followin rocesses in hand:
SL No. Role as No. of Processes on the date of Consent

Interim Resolution Professional 0

2 Resolution Professional of
a. Corporate Debtors 0
b. Individuals Six

3 Liquidator of
a. Liquidation Processes
b.Volunt ·Li uidation Processes

6 An other Please state

Date: 23.04.2024
Place: New Delhi
 30

FORMB

AUTHORISATION FOllASSIGNMENI

(lJndcr bye-hl\v 12A of

No: AA3/10130/02/050924/301018 Date: 16/1112023

This authoiisation for assignment is issued to Mr. Jai Kishan who is enrolled as a professional member of the
Insolvency Professional Agency of Institute of Cost Accountants of India with professional membership no. IPA-
ICAl/N/00017 and registered with the Insolvency and Board of India as an insolvency professional with
registration no. IBBlllPA-003/IP-N00017/2017-2018/10130 the Insolvency and Bankruptcy Code, 2016.

This authorisation is valid from 1G/11 /2023 to 05109/2024

For and on behalf of Insolvency Professional Agency

of Institute of Cost Accountants of India

Sh. G S Narasimha Prasad

MD

Place : New Delhi

Signatur~ Not Verified
Date:· ..~·
Digitally ~ed qy .
Date: 2023.11.1'8 .1 7:26 !ST
 i,,-/

TRUE COPY
 IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW DELHI PRINCIPAL
BENCH
I.A No. OF 2023 ~10
IN NCT OF DELHI COURT FEE
DLCT081552182417N

CP IB No. 765/2023 08-FEB-2024

IN THE MATTER OF:

11111111111111~1111111111111f~m1111~m11111111111111
. c 0
ANUMOD SHARMATHROUGH AJAY GUPTA (RP) ---··--c.~-··----------.,,·-·--

.... APPLICANT /PE"l:"ITIONER

AND IN THE MATTER OF:

IDBI BANK LIMITED & ANR. ...APPLICANT/FINANCIAL

CREDITOR
VERSUS
ANUMOD SHARMA THROUGH AJAY GUPTA {RP) .... RESPONDENT
KNOW ALL to whom these presents shall come that I, Sanjeev Kumar Sirwalia S/o Shri Amar
Nath aged 46 years , IDBI Bank Limited, having its branch at NPA Management .Group, 3rd
Floor, Plate 'B', Block-2, NBCC Office Complex, East Kidwai Nagar, New Delhi-1~0023 and
Affidavit of Shri Uday Veer Chopra S/o Late Shri D N Chopra aged 57 years, Stressed Assets
Management Branch, 4th Floor, Rajendra Bhawan, Rajendra Place, New Delhi - 110008, the
above-named Financial Creditor/Respondent, do hereby appoint

SANJAY BAJAJ &

SHIVAM TAKKAR, RAJAT PRAKASH & SARTHAK SEHGAL
ADVOCATES

Off: E-2/9 Vasant Vihar, New Delhi -110057

Tel: 26152225; 26152232
Off: D-6/26 (LGF) Vasant Vihar, New Delhi -110057
Tel: 26152226; 26142733
E mail: bbls@ymail.com: sanjaybajaj@bblsdelhi.com
[hereinafter called the advocates]
to be my/our advocates in the above noted case and authorize him/them: -

To act, appear and plead in the above-noted case in this court, or in any other court in which
the same may be tried or heard and also in the appellate courts
To sign, file and present pleadings, appeals, cross-objections, or petitions, or petitions of
execution, review, revision, restoration, withdrawal, compromise, or other petitions replies
objections or affidavits or others documents as may be deemed necessary or proper for the
prosecution of the said case in all its stages.
To file and take a back document.
To withdraw, or compromise the said case or submit to arbitration any differences of disputes
the may arise touching or any manner relating to the said case.
To take out execution proceedings.
To deposit, draw and receive moneys and grant receipts thereof, and to do all other acts and or
things which may be necessary to be done for the progress and in the course of the prosecution
of the said case.
To appoint and instruct and other legal practitioner authorizing him to exercise the powers and
authorities hereby conferred upon the advocates whenever they may think fit do so.
AND I/We, the undersigned, do hereby agree to ratify and confirm all acts, done by the
advocates or his substitute in the matters as my/out acts, as if done by me/us to all intents and
purposes.
AND I/We, the undersigned do hereby agree to ratify and confirm all acts, done by the
advocates or his substitute in the matters as my/out acts, as if done by me/us to all intents and
purposes.
AND I/We, the undersigned, do hereby agree that in the event of the above case being taken
up on tour, i/We shall pay extra fees.
AND I/We, the undersigned, do hereby agree not to hold the advocates or his substitute
responsible for the result of the said case. ·
AND I/We, the undersigned, do hereby agree that in the event of the whole or any part of the
fee agreed me/us to be paid to the advocates remaining unpaid, he shall be ·entitled to
withdraw from the prosecution of the said case until the same is paid up If any costs are allowed
for an adjournment, the advocates would be entitled to the same.

IN WITNESS WHEREOF I/We, do hereunto se_tJlly/out hand to these presents the contents
which have been understood by me/us this ~April 2024.

Accepted JP~
4-1•'1~&:~
Advocates)

d--~~ ~/qo;) 11 ~Client

~ '?_rl(c I~