The case involves five company appeals filed by personal guarantors against the rejection of their repayment plans under Section 106 of the I&B Code. The Appellants are personal guarantors to the Corporate Debtor, M/s. Unitek Power Solutions India Limited, with M/s. JM Financials Asset Reconstruction Company Ltd. being the financial creditor. The Appellants were subjected to personal insolvency proceedings following the admission of Section 95 applications under the I&B Code.
Five company appeals were filed by personal guarantors against the rejection of their repayment plans.
The Appellants are personal guarantors to the Corporate Debtor, M/s. Unitek Power Solutions India Limited.
M/s. JM Financials Asset Reconstruction Company Ltd. is the financial creditor.
The Appellants were subjected to personal insolvency proceedings following the admission of Section 95 applications.
The NCLT rejected the repayment plans on 28.06.2023.
The Appellants argued that the RP improperly considered their repayment plans collectively.
The Committee of Creditors (CoC) rejected the repayment plans as they offered Rs. 21 crores against the expected amount of at least Rs. 25 crores, along with a deposit of 10% of upfront in cash.
…Sign in to view the parties.
The Learned NCLT passed an order admitting the…
The RP issued a paper…
The case involves five company appeals filed by personal guarantors against the rejection of their repayment plans under Section 106 of the I&B Code. The Appellants are personal guarantors to the Corporate Debtor, M/s. Unitek Power Solutions India Limited, with M/s. JM Financials Asset Reconstruction Company Ltd. being the financial creditor. The Appellants were subjected to personal insolvency proceedings following the admission of Section 95 applications under the I&B Code.
Five company appeals were filed by personal guarantors against the rejection of their repayment plans.
The Appellants are personal guarantors to the Corporate Debtor, M/s. Unitek Power Solutions India Limited.
M/s. JM Financials Asset Reconstruction Company Ltd. is the financial creditor.
The Appellants were subjected to personal insolvency proceedings following the admission of Section 95 applications.
The NCLT rejected the repayment plans on 28.06.2023.
The Appellants argued that the RP improperly considered their repayment plans collectively.
The Committee of Creditors (CoC) rejected the repayment plans as they offered Rs. 21 crores against the expected amount of at least Rs. 25 crores, along with a deposit of 10% of upfront in cash.
…The Learned NCLT passed an order admitting the…
The RP issued a paper…