ANIL SYAL Vs. UNION BANK OF INDIA

JUDGEMENT

(1.) The petition has been heard by way of video conferencing.

(2.) Present writ petition has been filed challenging the recovery proceedings initiated under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and the order dtd. 13/12/2021 passed by the Debt Recovery Tribunal [DRT], Delhi in OA No. 683 of 2020.

(3.) Learned counsel for the petitioner states that the Petitioner had filed an application under Sec. 94(1) read with Ss. 96, 97, 99 and 100 of the Insolvency and Bankruptcy Code, 2016 [IBC] for initiation of Personal Insolvency Resolution Process of the Petitioner who is the Personal Guarantor of Respondent No.2, Flywheel Logistics Solutions Pvt. Ltd. He states that as per the provisions of Sec. 96 of the IBC, the interim moratorium commenced as soon as the application under Sec. 94 of the IBC was filed by the Petitioner thereby not only staying all legal proceedings in respect of any debt against the Petitioner but also prohibiting the creditors from initiating any legal action or proceedings in respect of any debt. He further states that the application was formally shared with Respondent No.1, intimating the bank the impending moratorium that would be activated.