Rashidbhai Ismail Tharadra, the appellant, is the promoter of Raj Oil Mills Ltd., the corporate debtor, and also acts as a personal guarantor for the financial creditors. The Adjudicating Authority (NCLT Mumbai Bench) approved a resolution plan that was previously approved by the Committee of Creditors. The appellant filed an appeal against this approval, arguing that the personal guarantor was not heard during the Corporate Insolvency Resolution Process (CIRP). The appellant was present at the meeting of the Committee of Creditors. The respondent argued that they would have realized the total amount from the Resolution Applicant. The appellant also has proceedings against them under the SARFESI Act, 2002, pending before the Debt Recovery Tribunal.

Rashidbhai Ismail Tharadra, the appellant, is the promoter of Raj Oil Mills Ltd., the corporate debtor, and also acts as a personal guarantor for the financial creditors. The Adjudicating Authority (NCLT Mumbai Bench) approved a resolution plan that was previously approved by the Committee of Creditors. The appellant filed an appeal against this approval, arguing that the personal guarantor was not heard during the Corporate Insolvency Resolution Process (CIRP). The appellant was present at the meeting of the Committee of Creditors. The respondent argued that they would have realized the total amount from the Resolution Applicant. The appellant also has proceedings against them under the SARFESI Act, 2002, pending before the Debt Recovery Tribunal.